Globus Medical (NYSE:GMED) Price Target Lowered to $93.00 at Wells Fargo & Company

Globus Medical (NYSE:GMED) had its price target trimmed by Wells Fargo & Company from $95.00 to $93.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an overweight rating on the medical device company’s stock.

A number of other brokerages have also commented on GMED. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Friday. Stifel Nicolaus upped their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Roth Mkm upped 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. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and upped their price target for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. Finally, Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Performance

Shares of GMED stock opened at $80.43 on Friday. The firm’s 50-day moving average is $86.72 and its 200-day moving average is $79.16. The stock has a market cap of $10.95 billion, a price-to-earnings ratio of 107.24, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical has a 52-week low of $49.33 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The business had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. Sell-side analysts predict that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Kelly Huller sold 2,500 shares of the firm’s 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 disclosure for this sale can be found here. 18.54% of the stock is currently owned by company insiders.

Institutional Trading of Globus Medical

Hedge funds have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. acquired a new stake in Globus Medical in the fourth quarter valued at approximately $27,000. Quarry LP boosted its position in Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after buying an additional 433 shares in the last quarter. UMB Bank n.a. boosted its position in Globus Medical by 60.2% in the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after buying an additional 206 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after buying an additional 385 shares in the last quarter. Finally, V Square Quantitative Management LLC lifted its holdings in shares of Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock worth $48,000 after purchasing an additional 197 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Company Profile

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.