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

Globus Medical (NYSE:GMED) had its price objective boosted by analysts at Barclays from $100.00 to $103.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the medical device company’s stock. Barclays‘s price objective points to a potential upside of 28.06% from the stock’s current price.

A number of other equities analysts have also issued reports on the company. Roth Mkm upped their target price on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday, December 17th. Wells Fargo & Company cut their target price on Globus Medical from $95.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday. Royal Bank of Canada upped their price target on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Truist Financial upped their price objective on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Finally, StockNews.com upgraded Globus Medical from a “hold” rating to a “buy” rating in a research note on Friday, February 14th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.82.

Globus Medical Stock Down 4.4 %

GMED opened at $80.43 on Monday. The firm has a market cap of $10.95 billion, a P/E ratio of 107.24, a PEG ratio of 1.61 and a beta of 1.19. Globus Medical has a 52 week low of $49.33 and a 52 week high of $94.93. The business’s fifty day simple moving average is $86.72 and its 200 day simple moving average is $79.16.

Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The business had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. As a group, equities analysts expect that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GMED. Creative Planning increased its position in Globus Medical by 5.1% in the 3rd quarter. Creative Planning now owns 6,471 shares of the medical device company’s stock worth $463,000 after purchasing an additional 314 shares during the last quarter. Private Advisor Group LLC grew its holdings in Globus Medical by 16.4% in the 3rd quarter. Private Advisor Group LLC now owns 4,236 shares of the medical device company’s stock valued at $303,000 after buying an additional 598 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Globus Medical by 7,318.2% in the 3rd quarter. International Assets Investment Management LLC now owns 56,230 shares of the medical device company’s stock valued at $40,230,000 after buying an additional 55,472 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in Globus Medical by 3.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 54,023 shares of the medical device company’s stock valued at $3,865,000 after buying an additional 1,558 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in shares of Globus Medical by 2.5% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock worth $403,000 after acquiring an additional 140 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Company Profile

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.