Zurcher Kantonalbank Zurich Cantonalbank Sells 990 Shares of Globus Medical, Inc. (NYSE:GMED)

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in Globus Medical, Inc. (NYSE:GMED) by 3.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 27,267 shares of the medical device company’s stock after selling 990 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Globus Medical were worth $1,951,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. Burgundy Asset Management Ltd. boosted its holdings in Globus Medical by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after acquiring an additional 35,054 shares in the last quarter. Magnetar Financial LLC boosted its holdings in shares of Globus Medical by 1.7% during the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after buying an additional 29,200 shares in the last quarter. Geneva Capital Management LLC boosted its holdings in shares of Globus Medical by 1.1% during the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after buying an additional 18,117 shares in the last quarter. AXA S.A. boosted its holdings in shares of Globus Medical by 0.5% during the 2nd quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock valued at $101,245,000 after buying an additional 7,443 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Globus Medical by 1,171.5% during the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after buying an additional 1,256,570 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

Insiders Place Their Bets

In other news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now owns 42,884 shares in the company, valued at $3,017,318.24. This represents a 25.91 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Kelly Huller sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 112,500 shares of company stock valued at $8,730,350. 18.54% of the stock is owned by insiders.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $84.39 on Thursday. Globus Medical, Inc. has a fifty-two week low of $44.02 and a fifty-two week high of $87.22. The business has a 50-day simple moving average of $77.08 and a two-hundred day simple moving average of $72.01. The firm has a market cap of $11.49 billion, a price-to-earnings ratio of 125.95, a price-to-earnings-growth ratio of 2.00 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the previous year, the firm earned $0.57 EPS. Globus Medical’s revenue was up 63.1% on a year-over-year basis. As a group, research analysts predict that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GMED. Piper Sandler boosted their target price on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Canaccord Genuity Group boosted their target price on shares of Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Wells Fargo & Company boosted their target price on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. StockNews.com cut shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. Finally, Stifel Nicolaus boosted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $89.73.

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.