Wells Fargo & Company Lowers Globus Medical (NYSE:GMED) Price Target to $93.00

Globus Medical (NYSE:GMED) had its price objective cut by research analysts at Wells Fargo & Company from $95.00 to $93.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the medical device company’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 15.48% from the stock’s previous close.

A number of other research analysts have also issued reports on GMED. Roth Mkm upped their target price on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Piper Sandler upped their target price on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Royal Bank of Canada upped their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Friday. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.73.

Globus Medical Stock Down 4.3 %

Globus Medical stock opened at $80.53 on Friday. Globus Medical has a 52 week low of $49.33 and a 52 week high of $94.93. The firm’s 50-day simple moving average is $86.76 and its 200 day simple moving average is $78.94. The firm has a market capitalization of $10.97 billion, a PE ratio of 123.49, a P/E/G ratio of 1.60 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The company had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. On average, research analysts expect that Globus Medical will post 2.98 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Keith W. Pfeil sold 14,167 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Globus Medical by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock worth $898,548,000 after acquiring an additional 240,218 shares during the period. State Street Corp boosted its holdings in Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after acquiring an additional 81,371 shares during the period. JPMorgan Chase & Co. boosted its holdings in Globus Medical by 7.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company’s stock worth $231,946,000 after acquiring an additional 199,556 shares during the period. Burgundy Asset Management Ltd. boosted its holdings in Globus Medical by 1.7% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock worth $216,544,000 after acquiring an additional 43,330 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Globus Medical by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company’s stock worth $156,969,000 after acquiring an additional 12,151 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.