Globus Medical (NYSE:GMED) Upgraded to Buy at StockNews.com

Globus Medical (NYSE:GMEDGet Free Report) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a report released on Tuesday.

GMED has been the subject of a number of other reports. Royal Bank of Canada increased their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Thursday, January 9th. Wells Fargo & Company boosted their price objective on shares of Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 11th. Truist Financial raised their price target on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Finally, Canaccord Genuity Group increased their price objective on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Check Out Our Latest Stock Analysis on Globus Medical

Globus Medical Price Performance

Shares of NYSE GMED traded up $0.94 during trading hours on Tuesday, reaching $92.92. The stock had a trading volume of 960,211 shares, compared to its average volume of 1,287,818. The business’s fifty day moving average is $85.31 and its two-hundred day moving average is $76.99. The company has a market cap of $12.65 billion, a price-to-earnings ratio of 138.69, a PEG ratio of 1.78 and a beta of 1.19. Globus Medical has a twelve month low of $49.33 and a twelve month high of $93.67.

Globus Medical (NYSE:GMEDGet Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter last year, the business earned $0.57 earnings per share. The firm’s quarterly revenue was up 63.1% compared to the same quarter last year. Sell-side analysts forecast that Globus Medical will post 2.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. Insiders have sold a total of 81,667 shares of company stock valued at $6,674,554 in the last 90 days. Corporate insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Hedge funds have recently made changes to their positions in the business. Coldstream Capital Management Inc. lifted its holdings in shares of Globus Medical by 2.2% in the 3rd quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock worth $447,000 after buying an additional 131 shares during the period. Stephens Inc. AR lifted its holdings in shares of Globus Medical by 3.4% during the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after purchasing an additional 138 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of Globus Medical by 2.5% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after buying an additional 140 shares during the last quarter. Berry Wealth Group LP lifted its holdings in Globus Medical by 5.1% in the fourth quarter. Berry Wealth Group LP now owns 3,409 shares of the medical device company’s stock valued at $282,000 after acquiring an additional 164 shares during the period. Finally, Mather Group LLC. lifted its stake in shares of Globus Medical by 16.3% in the 4th quarter. Mather Group LLC. now owns 1,356 shares of the medical device company’s stock valued at $112,000 after purchasing an additional 190 shares during the period. Institutional investors own 95.16% of the company’s stock.

Globus Medical Company Profile

(Get Free Report)

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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