Globus Medical (NYSE:GMED) PT Raised to $72.00

Globus Medical (NYSE:GMEDFree Report) had its target price boosted by BTIG Research from $63.00 to $72.00 in a research note issued to investors on Wednesday morning, Benzinga reports. BTIG Research currently has a buy rating on the medical device company’s stock.

GMED has been the topic of several other reports. Needham & Company LLC reiterated a hold rating on shares of Globus Medical in a research report on Wednesday, May 8th. Piper Sandler upgraded shares of Globus Medical from a neutral rating to an overweight rating and lifted their target price for the stock from $60.00 to $80.00 in a research report on Monday, May 20th. Barclays boosted their price target on shares of Globus Medical from $83.00 to $85.00 and gave the stock an overweight rating in a research report on Thursday, May 9th. Stifel Nicolaus boosted their price target on shares of Globus Medical from $64.00 to $70.00 and gave the stock a buy rating in a research report on Wednesday, May 8th. Finally, Truist Financial boosted their price target 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. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Globus Medical has an average rating of Moderate Buy and a consensus price target of $69.40.

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Globus Medical Price Performance

Globus Medical stock opened at $67.11 on Wednesday. The business has a 50 day moving average of $56.50 and a 200-day moving average of $53.53. The company has a market capitalization of $9.08 billion, a P/E ratio of 104.86, a P/E/G ratio of 1.86 and a beta of 1.11. Globus Medical has a 1 year low of $43.38 and a 1 year high of $67.52.

Globus Medical (NYSE:GMEDGet Free Report) last posted its earnings results on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.55 by $0.17. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The business had revenue of $606.67 million for the quarter, compared to the consensus estimate of $586.82 million. During the same period last year, the company earned $0.53 EPS. The firm’s revenue was up 119.3% compared to the same quarter last year. Equities analysts anticipate that Globus Medical will post 2.82 EPS for the current year.

Insiders Place Their Bets

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the transaction, the director now owns 17,419 shares in the company, valued at $905,613.81. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the transaction, the director now owns 17,419 shares in the company, valued at $905,613.81. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director David D. Davidar sold 20,000 shares of the 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 owns 566,275 shares in the company, valued at approximately $36,807,875. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 93,890 shares of company stock worth $5,940,387. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale bought a new position in shares of Globus Medical in the third quarter valued at approximately $28,000. YHB Investment Advisors Inc. bought a new position in shares of Globus Medical in the first quarter valued at approximately $50,000. Allworth Financial LP lifted its holdings in shares of Globus Medical by 25.7% in the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after purchasing an additional 254 shares in the last quarter. Mather Group LLC. bought a new position in shares of Globus Medical in the first quarter valued at approximately $69,000. Finally, Quest Partners LLC bought a new position in shares of Globus Medical in the fourth quarter valued at approximately $81,000. Institutional investors own 95.16% of the company’s stock.

Globus Medical Company Profile

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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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