Stifel Nicolaus Boosts Globus Medical (NYSE:GMED) Price Target to $94.00

Globus Medical (NYSE:GMED) had its target price hoisted by Stifel Nicolaus from $92.00 to $94.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the medical device company’s stock. Stifel Nicolaus’ price objective indicates a potential upside of 14.54% from the company’s previous close.

Several other brokerages have also recently issued reports on GMED. Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and upped their target price for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Wells Fargo & Company cut their price objective on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday. BTIG Research lifted their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Roth Mkm increased their price target on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Finally, StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Price Performance

GMED opened at $82.07 on Friday. The stock has a market cap of $11.18 billion, a P/E ratio of 122.51, a P/E/G ratio of 1.60 and a beta of 1.19. The firm has a fifty day moving average price of $86.76 and a 200 day moving average price of $78.94. Globus Medical has a 1 year low of $49.33 and a 1 year high of $94.93.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. Equities analysts expect that Globus Medical will post 2.98 EPS for the current year.

Insiders Place Their Bets

In other news, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. lifted its position in Globus Medical by 1.7% during the fourth quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock worth $216,544,000 after buying an additional 43,330 shares during the period. PharVision Advisers LLC acquired a new position in Globus Medical during the fourth quarter worth approximately $339,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Globus Medical by 9.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 319,500 shares of the medical device company’s stock worth $26,426,000 after purchasing an additional 28,330 shares during the period. iSAM Funds UK Ltd purchased a new position in Globus Medical during the fourth quarter worth approximately $256,000. Finally, Vestal Point Capital LP purchased a new stake in shares of Globus Medical during the 4th quarter valued at $26,881,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

About Globus Medical

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.