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

Globus Medical (NYSE:GMED) had its price objective increased by investment analysts at Barclays from $100.00 to $103.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the medical device company’s stock. Barclays‘s price target would indicate a potential upside of 29.32% from the stock’s previous close.

GMED has been the topic of several other reports. BTIG Research boosted their price objective on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. StockNews.com raised Globus Medical from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Royal Bank of Canada lifted their price target on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Wells Fargo & Company lowered their target price on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Finally, Roth Mkm upped their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $97.82.

Globus Medical Stock Performance

NYSE:GMED opened at $79.65 on Monday. The firm has a 50-day simple moving average of $86.61 and a two-hundred day simple moving average of $79.25. Globus Medical has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The firm has a market cap of $10.85 billion, a P/E ratio of 106.20, a P/E/G ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating 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 business had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. On average, equities research analysts predict that Globus Medical will post 3.44 EPS for the current year.

Insider Activity

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. SBI Securities Co. Ltd. bought a new position in shares of Globus Medical in the 4th quarter valued at approximately $27,000. Quarry LP raised its stake in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after acquiring an additional 433 shares in the last quarter. Farther Finance Advisors LLC lifted its holdings in Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Globus Medical by 60.2% in the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after acquiring an additional 206 shares in the last quarter. Finally, V Square Quantitative Management LLC increased its stake in shares of Globus Medical by 52.0% in the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock valued at $48,000 after buying an additional 197 shares in the last quarter. 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.