Globus Medical’s (GMED) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Globus Medical (NYSE:GMED) in a research note published on Wednesday morning, Benzinga reports.

Other equities research analysts also recently issued research reports about the company. Royal Bank of Canada boosted their price objective on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a report on Tuesday, October 8th. Truist Financial raised their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Barclays upped their target price on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Bank of America raised their price target on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research report on Wednesday. Finally, Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $60.00 to $78.00 in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $87.09.

Globus Medical Stock Down 0.2 %

GMED stock traded down $0.16 during mid-day trading on Wednesday, hitting $82.55. 216,822 shares of the company were exchanged, compared to its average volume of 994,517. Globus Medical has a 12-month low of $43.38 and a 12-month high of $84.87. The firm has a market capitalization of $11.18 billion, a P/E ratio of 275.67, a PEG ratio of 2.06 and a beta of 1.17. The business has a fifty day simple moving average of $71.92 and a 200-day simple moving average of $68.16.

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

Insider Transactions at Globus Medical

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

Institutional Investors Weigh In On Globus Medical

Several hedge funds have recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new position in Globus Medical in the 3rd quarter valued at $27,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Globus Medical during the second quarter worth about $33,000. Farther Finance Advisors LLC raised its holdings in Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after purchasing an additional 385 shares in the last quarter. GAMMA Investing LLC lifted its position in Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after purchasing an additional 453 shares during the period. Finally, International Assets Investment Management LLC purchased a new stake in Globus Medical in the 2nd quarter valued at approximately $52,000. 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.