Globus Medical (NYSE:GMED) Raised to “Overweight” at Piper Sandler

Piper Sandler upgraded shares of Globus Medical (NYSE:GMEDFree Report) from a neutral rating to an overweight rating in a report issued on Monday, Marketbeat.com reports. They currently have $80.00 target price on the medical device company’s stock, up from their prior target price of $60.00.

GMED has been the topic of several other reports. Truist Financial upped their price target on Globus Medical from $58.00 to $60.00 and gave the company a hold rating in a research report on Wednesday, February 21st. BTIG Research upped their price target on Globus Medical from $60.00 to $63.00 and gave the company a buy rating in a research report on Wednesday, May 8th. Stifel Nicolaus upped their price target on Globus Medical from $64.00 to $70.00 and gave the company a buy rating in a research report on Wednesday, May 8th. Barclays upped their price target on Globus Medical from $83.00 to $85.00 and gave the company an overweight rating in a research report on Thursday, May 9th. Finally, Needham & Company LLC restated a hold rating on shares of Globus Medical in a research note on Wednesday, May 8th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $68.50.

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Globus Medical Stock Up 1.0 %

Shares of GMED opened at $67.15 on Monday. The business’s 50 day moving average is $54.53 and its two-hundred day moving average is $52.52. Globus Medical has a 52-week low of $43.38 and a 52-week high of $67.37. The firm has a market cap of $9.09 billion, a price-to-earnings ratio of 104.92, a PEG ratio of 1.84 and a beta of 1.11.

Globus Medical (NYSE:GMEDGet Free Report) last announced its earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The company had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. During the same period in the prior year, the company posted $0.53 EPS. Globus Medical’s quarterly revenue was up 119.3% on a year-over-year basis. On average, equities analysts expect that Globus Medical will post 2.82 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

In other news, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Dan Lemaitre sold 63,300 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David D. Davidar sold 20,000 shares of the company’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total value of $1,300,000.00. Following the completion of the sale, the director now owns 566,275 shares of the company’s stock, valued at approximately $36,807,875. The disclosure for this sale can be found here. Over the last quarter, insiders sold 93,890 shares of company stock valued at $5,940,387. 18.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Several hedge funds have recently modified their holdings of GMED. DekaBank Deutsche Girozentrale purchased a new stake in shares of Globus Medical during the third quarter valued at $28,000. YHB Investment Advisors Inc. purchased a new stake in shares of Globus Medical during the first quarter valued at $50,000. Allworth Financial LP lifted its stake in Globus Medical by 25.7% in the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after acquiring an additional 254 shares in the last quarter. Mather Group LLC. purchased a new stake in Globus Medical in the 1st quarter worth about $69,000. Finally, Nisa Investment Advisors LLC lifted its stake in Globus Medical by 122.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company’s stock worth $74,000 after acquiring an additional 823 shares in the last quarter. 95.16% of the stock is owned by hedge funds and other institutional investors.

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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