Piper Sandler Issues Pessimistic Forecast for Globus Medical (NYSE:GMED) Stock Price

Globus Medical (NYSE:GMED) had its price objective cut by Piper Sandler from $100.00 to $80.00 in a research report released on Friday morning,Benzinga reports. They currently have an overweight rating on the medical device company’s stock.

A number of other analysts have also recently weighed in on GMED. Wells Fargo & Company decreased their target price on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Truist Financial decreased their target price on shares of Globus Medical from $82.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, April 11th. Stifel Nicolaus boosted their target price on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, February 21st. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $80.00 to $97.00 in a research note on Thursday, January 9th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Tuesday, March 18th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $95.09.

Globus Medical Price Performance

Shares of GMED opened at $55.54 on Friday. Globus Medical has a one year low of $54.48 and a one year high of $94.93. The company has a market cap of $7.64 billion, a P/E ratio of 74.05, a P/E/G ratio of 1.61 and a beta of 1.32. The firm has a 50 day simple moving average of $72.21 and a two-hundred day simple moving average of $79.94.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.06). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The firm had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. During the same quarter in the prior year, the firm earned $0.72 earnings per share. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, analysts expect that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Institutional Trading of Globus Medical

A number of institutional investors have recently bought and sold shares of the company. First Horizon Advisors Inc. boosted its position in Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock valued at $55,000 after acquiring an additional 132 shares during the last quarter. US Bancorp DE boosted its position in Globus Medical by 3.2% during the fourth quarter. US Bancorp DE now owns 4,305 shares of the medical device company’s stock valued at $356,000 after acquiring an additional 135 shares during the last quarter. Berry Wealth Group LP boosted its position in Globus Medical by 4.2% during the first quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company’s stock valued at $260,000 after acquiring an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Globus Medical by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company’s stock valued at $479,000 after acquiring an additional 150 shares during the last quarter. Finally, HB Wealth Management LLC boosted its position in Globus Medical by 4.7% during the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company’s stock valued at $278,000 after acquiring an additional 170 shares during the last quarter. 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.