Stifel Nicolaus Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price objective raised by Stifel Nicolaus from $92.00 to $94.00 in a report published on Friday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the medical device company’s stock.

Other research analysts have also recently issued research reports about the company. Canaccord Genuity Group lifted their target price on Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Roth Mkm upped their price objective on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research note on Tuesday, December 17th. Truist Financial upped their target price on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a report on Friday, February 14th. Finally, Piper Sandler increased their target price on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Performance

GMED opened at $80.43 on Friday. Globus Medical has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The company has a market capitalization of $10.95 billion, a P/E ratio of 107.24, a P/E/G ratio of 1.61 and a beta of 1.19. The stock has a fifty day moving average of $86.72 and a 200-day moving average of $79.16.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. On average, equities research analysts predict that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Kelly Huller sold 2,500 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction 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 disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Several large investors have recently added to or reduced their stakes in GMED. Creative Planning increased its holdings in Globus Medical by 5.1% in the 3rd quarter. Creative Planning now owns 6,471 shares of the medical device company’s stock worth $463,000 after acquiring an additional 314 shares during the last quarter. Raymond James & Associates increased its holdings in Globus Medical by 8.5% in the 3rd quarter. Raymond James & Associates now owns 299,294 shares of the medical device company’s stock worth $21,411,000 after acquiring an additional 23,349 shares during the last quarter. Private Advisor Group LLC boosted its stake in Globus Medical by 16.4% in the 3rd quarter. Private Advisor Group LLC now owns 4,236 shares of the medical device company’s stock worth $303,000 after purchasing an additional 598 shares during the period. International Assets Investment Management LLC boosted its stake in Globus Medical by 7,318.2% in the 3rd quarter. International Assets Investment Management LLC now owns 56,230 shares of the medical device company’s stock worth $40,230,000 after purchasing an additional 55,472 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in Globus Medical by 3.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 54,023 shares of the medical device company’s stock worth $3,865,000 after purchasing an additional 1,558 shares during the period. Hedge funds and other institutional investors 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.