Wells Fargo & Company Issues Positive Forecast for Globus Medical (NYSE:GMED) Stock Price

Globus Medical (NYSE:GMED) had its price target boosted by Wells Fargo & Company from $78.00 to $88.00 in a report published on Wednesday,Benzinga reports. They currently have an overweight rating on the medical device company’s stock.

A number of other brokerages have also recently issued reports on GMED. Barclays upped their price target 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. BTIG Research boosted their price objective on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Truist Financial upped their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Bank of America boosted their price target on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday. Finally, Morgan Stanley increased their price objective on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $87.09.

Globus Medical Trading Down 0.4 %

Globus Medical stock traded down $0.31 on Wednesday, hitting $82.40. 393,329 shares of the stock traded hands, compared to its average volume of 995,334. The business’s fifty day simple moving average is $71.92 and its 200 day simple moving average is $68.16. The firm has a market cap of $11.16 billion, a P/E ratio of 275.67, a price-to-earnings-growth ratio of 2.06 and a beta of 1.17. Globus Medical has a 1 year low of $43.38 and a 1 year high of $84.87.

Globus Medical (NYSE:GMED) last announced its 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. The business had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 earnings per share. As a group, analysts predict that Globus Medical will post 2.84 earnings per share for the current year.

Insider Activity

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 transaction of $2,251,200.00. Following the sale, the director now directly 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 sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The shares were 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 owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the firm’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 transaction of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares in the company, valued at approximately $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. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Select Equity Group L.P. purchased a new position in shares of Globus Medical during the second quarter valued at $91,711,000. Millennium Management LLC raised its holdings in shares of Globus Medical by 1,171.5% in the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after purchasing an additional 1,256,570 shares in the last quarter. Magnetar Financial LLC lifted its position in shares of Globus Medical by 198.6% in the 1st quarter. Magnetar Financial LLC now owns 1,689,287 shares of the medical device company’s stock worth $90,613,000 after purchasing an additional 1,123,540 shares during the period. Motley Fool Asset Management LLC boosted its stake in shares of Globus Medical by 1,263.7% during the first quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company’s stock valued at $45,496,000 after purchasing an additional 785,970 shares in the last quarter. Finally, Burgundy Asset Management Ltd. increased its holdings in Globus Medical by 46.1% during the first quarter. Burgundy Asset Management Ltd. now owns 2,479,837 shares of the medical device company’s stock valued at $133,018,000 after buying an additional 782,285 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.