Globus Medical (NYSE:GMED) Price Target Lowered to $80.00 at Piper Sandler

Globus Medical (NYSE:GMED) had its price target reduced by Piper Sandler from $100.00 to $80.00 in a research report sent to investors on Friday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the medical device company’s stock.

A number of other research analysts have also weighed in on GMED. Truist Financial dropped their price objective on Globus Medical from $82.00 to $80.00 and set a “hold” rating on the stock in a report on Friday, April 11th. Barclays increased their price target on shares of Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Stifel Nicolaus boosted their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Tuesday, March 18th. Finally, StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, March 21st. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $95.09.

Globus Medical Price Performance

NYSE:GMED opened at $55.54 on Friday. The firm has a market cap of $7.64 billion, a price-to-earnings ratio of 74.05, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. Globus Medical has a 1-year low of $54.48 and a 1-year high of $94.93. The firm’s fifty day moving average price is $72.21 and its 200 day moving average price is $79.85.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.06). The firm had revenue of $598.12 million for the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company’s revenue was down 1.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.72 earnings per share. As a group, analysts expect that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Institutional Trading of Globus Medical

A number of large investors have recently made changes to their positions in GMED. First Horizon Advisors Inc. boosted its stake in shares of Globus Medical by 24.7% during the 4th quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company’s stock worth $55,000 after purchasing an additional 132 shares during the last quarter. US Bancorp DE lifted its stake in shares of Globus Medical by 3.2% during the fourth quarter. US Bancorp DE now owns 4,305 shares of the medical device company’s stock valued at $356,000 after buying an additional 135 shares during the period. Berry Wealth Group LP boosted its position in Globus Medical by 4.2% during the first quarter. Berry Wealth Group LP now owns 3,553 shares of the medical device company’s stock worth $260,000 after acquiring an additional 144 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Globus Medical by 2.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company’s stock worth $479,000 after acquiring an additional 150 shares during the period. Finally, HB Wealth Management LLC raised its holdings in Globus Medical by 4.7% in the 1st quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company’s stock valued at $278,000 after acquiring an additional 170 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.