Globus Medical (NYSE:GMED) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Globus Medical (NYSE:GMED) had its price target lifted by Canaccord Genuity Group from $79.00 to $85.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s target price points to a potential upside of 4.87% from the company’s previous close.

Several other analysts have also weighed in on the company. Morgan Stanley upped their price objective on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Wells Fargo & Company upped their price target on Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday. Piper Sandler upped their price target on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday. 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. Finally, Barclays upped their price target on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.09.

Globus Medical Price Performance

Globus Medical stock traded up $5.47 during midday trading on Wednesday, hitting $81.05. 1,864,626 shares of the company were exchanged, compared to its average volume of 988,824. The company’s fifty day moving average price is $71.69 and its 200-day moving average price is $68.06. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $84.74. The company has a market cap of $10.97 billion, a PE ratio of 270.17, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same period in the previous year, the business earned $0.57 EPS. The business’s quarterly revenue was up 63.1% on a year-over-year basis. On average, analysts expect that Globus Medical will post 2.84 EPS for the current fiscal year.

Insider Transactions at Globus Medical

In related news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction dated 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 sale, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now owns 536,275 shares in the company, valued at $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 42,884 shares in the company, valued at $3,017,318.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Globus Medical

A number of large investors have recently added to or reduced their stakes in the stock. KBC Group NV grew its position in Globus Medical by 0.5% during the third quarter. KBC Group NV now owns 45,505 shares of the medical device company’s stock worth $3,255,000 after buying an additional 237 shares in the last quarter. Geneva Capital Management LLC boosted its holdings in shares of Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after purchasing an additional 18,117 shares in the last quarter. Lisanti Capital Growth LLC boosted its holdings in shares of Globus Medical by 68.4% in the 3rd quarter. Lisanti Capital Growth LLC now owns 24,915 shares of the medical device company’s stock valued at $1,782,000 after purchasing an additional 10,120 shares in the last quarter. River Global Investors LLP boosted its holdings in shares of Globus Medical by 0.7% in the 3rd quarter. River Global Investors LLP now owns 47,067 shares of the medical device company’s stock valued at $3,366,000 after purchasing an additional 331 shares in the last quarter. Finally, Crossmark Global Holdings Inc. boosted its holdings in shares of Globus Medical by 6.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 7,750 shares of the medical device company’s stock valued at $554,000 after purchasing an additional 436 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.