Globus Medical (NYSE:GMED) Receives Hold Rating from Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Globus Medical (NYSE:GMED) in a research report report published on Thursday,Benzinga reports.

GMED has been the topic of several other reports. Piper Sandler raised their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Truist Financial boosted their price target on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Wells Fargo & Company lifted their target price on shares of Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Royal Bank of Canada upped their target price on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Stock Down 4.7 %

Shares of NYSE:GMED opened at $88.08 on Thursday. Globus Medical has a twelve month low of $49.33 and a twelve month high of $94.93. The stock’s 50 day moving average is $86.47 and its 200-day moving average is $77.96. The firm has a market capitalization of $11.99 billion, a price-to-earnings ratio of 131.47, a PEG ratio of 1.78 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business’s revenue was up 63.1% on a year-over-year basis. During the same period last year, the company earned $0.57 earnings per share. Equities research analysts anticipate that Globus Medical will post 2.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Kelly Huller sold 2,500 shares of the company’s 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 disclosure for this sale can be found here. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GMED. AQR Capital Management LLC raised its position in Globus Medical by 1.5% in the 2nd quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock worth $1,044,000 after purchasing an additional 228 shares during the period. Creative Planning boosted its holdings in Globus Medical by 16.8% during the 2nd quarter. Creative Planning now owns 6,157 shares of the medical device company’s stock valued at $422,000 after acquiring an additional 886 shares during the period. Sanctuary Advisors LLC bought a new position in Globus Medical during the 2nd quarter worth approximately $611,000. GAMMA Investing LLC increased its stake in Globus Medical by 40.7% in the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock worth $64,000 after purchasing an additional 257 shares during the period. Finally, Atomi Financial Group Inc. bought a new position in shares of Globus Medical in the third quarter worth approximately $258,000. 95.16% of the stock is currently owned by 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.