Globus Medical (NYSE:GMED) Price Target Raised to $92.00

Globus Medical (NYSE:GMED) had its price target lifted by stock analysts at Royal Bank of Canada from $80.00 to $92.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “outperform” rating on the medical device company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 13.93% from the stock’s current price.

Several other brokerages have also issued reports on GMED. BTIG Research raised their price target on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Truist Financial boosted their target price on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Barclays lifted their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Bank of America upped their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a report on Wednesday. Finally, Wells Fargo & Company boosted their price target on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $87.09.

Globus Medical Stock Down 1.5 %

GMED stock traded down $1.22 during trading on Wednesday, reaching $80.75. The stock had a trading volume of 365,191 shares, compared to its average volume of 996,902. Globus Medical has a one year low of $43.38 and a one year high of $84.87. The company’s 50 day moving average is $71.92 and its two-hundred day moving average is $68.16. The company has a market capitalization of $10.93 billion, a price-to-earnings ratio of 273.23, a P/E/G ratio of 2.06 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 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. Globus Medical’s revenue was up 63.1% on a year-over-year basis. During the same period last year, the business posted $0.57 earnings per share. As a group, research analysts predict that Globus Medical will post 2.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The stock was 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 approximately $3,017,318.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The stock was 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 of the company’s stock, valued at $3,017,318.24. The trade was 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 hyperlink. Also, Director David D. Davidar sold 30,000 shares of the business’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 completion of the sale, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of GMED. V Square Quantitative Management LLC bought a new position in Globus Medical during the 3rd quarter worth approximately $27,000. Ashton Thomas Private Wealth LLC bought a new stake in Globus Medical in the second quarter valued at approximately $33,000. Farther Finance Advisors LLC boosted its stake in shares of Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the period. GAMMA Investing LLC grew its holdings in shares of Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Globus Medical in the second quarter worth $52,000. Hedge funds and other institutional investors 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.