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

Globus Medical (NYSE:GMED) had its price target raised by investment analysts at Stifel Nicolaus from $80.00 to $92.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the medical device company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 13.51% from the company’s current price.

A number of other research analysts also recently weighed in on GMED. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday. Morgan Stanley increased their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. Truist Financial increased their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. BTIG Research increased their target price on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Finally, Wells Fargo & Company increased their target price on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $87.09.

Globus Medical Stock Performance

NYSE:GMED traded up $5.47 on Wednesday, hitting $81.05. The stock had a trading volume of 1,864,626 shares, compared to its average volume of 988,824. The stock has a market cap of $10.97 billion, a P/E ratio of 270.17, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. Globus Medical has a 1 year low of $43.38 and a 1 year high of $84.74. The firm’s fifty day simple moving average is $71.69 and its two-hundred day simple moving average is $68.06.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter last year, the business posted $0.57 EPS. Equities research analysts predict that Globus Medical will post 2.84 EPS for the current year.

Insider Buying and Selling

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction 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 directly 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new position in Globus Medical in the 3rd quarter valued at $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Globus Medical during the 2nd quarter valued at $33,000. Farther Finance Advisors LLC raised its position in shares of 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 buying an additional 385 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after buying an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Globus Medical during the 2nd quarter valued at $52,000. 95.16% of the stock is owned by institutional investors.

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.