Globus Medical (NYSE:GMED) Reaches New 12-Month High – What’s Next?

Globus Medical, Inc. (NYSE:GMED)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $76.13 and last traded at $75.91, with a volume of 128286 shares trading hands. The stock had previously closed at $74.72.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GMED. BTIG Research boosted their price target on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, August 7th. Morgan Stanley raised their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Truist Financial lifted their price objective on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, Royal Bank of Canada increased their target price on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Globus Medical has an average rating of “Moderate Buy” and a consensus target price of $77.78.

Globus Medical Price Performance

The stock has a 50 day simple moving average of $71.61 and a two-hundred day simple moving average of $67.88. The company has a market cap of $10.20 billion, a price-to-earnings ratio of 249.07, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm had revenue of $629.69 million during the quarter, compared to analyst estimates of $615.33 million. During the same quarter in the prior year, the firm posted $0.63 earnings per share. Globus Medical’s quarterly revenue was up 115.9% on a year-over-year basis. As a group, research analysts forecast that Globus Medical, Inc. will post 2.84 EPS for the current year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares in the company, valued at $40,242,076. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GMED. Swedbank AB boosted its stake in shares of Globus Medical by 15.4% in the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after buying an additional 50,000 shares during the period. Vaughan Nelson Investment Management L.P. grew its holdings in Globus Medical by 17.9% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after acquiring an additional 172,605 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Globus Medical in the 1st quarter valued at approximately $429,000. State Board of Administration of Florida Retirement System raised its holdings in shares of Globus Medical by 12.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock valued at $4,839,000 after purchasing an additional 9,754 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Globus Medical during the 2nd quarter worth $611,000. 95.16% of the stock is owned by institutional investors and hedge funds.

About Globus Medical

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.