Globus Medical, Inc. (NYSE:GMED) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Globus Medical, Inc. (NYSE:GMEDGet Free Report) have received an average recommendation of “Moderate Buy” from the eleven brokerages that are currently covering the stock, MarketBeat reports. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $66.50.

A number of research analysts recently weighed in on the stock. Piper Sandler lifted their price objective on shares of Globus Medical from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday. Truist Financial boosted their price objective on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research report on Wednesday. Barclays increased their price target on shares of Globus Medical from $83.00 to $85.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Stifel Nicolaus increased their price target on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday.

Check Out Our Latest Stock Analysis on Globus Medical

Globus Medical Stock Performance

Shares of GMED stock opened at $64.72 on Tuesday. The stock has a market capitalization of $8.76 billion, a P/E ratio of 101.13, a price-to-earnings-growth ratio of 1.80 and a beta of 1.11. The company has a 50 day moving average price of $52.91 and a 200 day moving average price of $51.45. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $65.74.

Globus Medical (NYSE:GMEDGet Free Report) last announced its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. The firm had revenue of $606.67 million during the quarter, compared to analysts’ expectations of $586.82 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The business’s quarterly revenue was up 119.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.53 earnings per share. On average, research analysts forecast that Globus Medical will post 2.81 EPS for the current fiscal year.

Insider Activity at Globus Medical

In related news, Director David D. Davidar sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 8th. The stock was sold at an average price of $65.00, for a total value of $1,300,000.00. Following the completion of the transaction, the director now directly owns 566,275 shares of the company’s stock, valued at approximately $36,807,875. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the completion of the transaction, the director now owns 17,419 shares of the company’s stock, valued at $905,613.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David D. Davidar sold 20,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The stock was sold at an average price of $65.00, for a total value of $1,300,000.00. Following the transaction, the director now directly owns 566,275 shares of the company’s stock, valued at approximately $36,807,875. The disclosure for this sale can be found here. 24.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globus Medical

Several hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp boosted its holdings in shares of Globus Medical by 82.6% during the fourth quarter. Van ECK Associates Corp now owns 34,380 shares of the medical device company’s stock worth $1,832,000 after purchasing an additional 15,552 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Globus Medical by 49.7% during the 3rd quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after acquiring an additional 3,732,959 shares during the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Globus Medical by 16.3% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock valued at $53,873,000 after acquiring an additional 141,492 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Globus Medical by 854.5% during the 4th quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock worth $8,544,000 after acquiring an additional 143,540 shares during the period. Finally, Leeward Investments LLC MA lifted its holdings in shares of Globus Medical by 14.5% during the 4th quarter. Leeward Investments LLC MA now owns 174,141 shares of the medical device company’s stock worth $9,280,000 after acquiring an additional 22,022 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Globus Medical Company Profile

(Get Free Report

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.

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Analyst Recommendations for Globus Medical (NYSE:GMED)

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