Globus Medical, Inc. $GMED Shares Sold by Acorn Financial Advisory Services Inc. ADV

Acorn Financial Advisory Services Inc. ADV reduced its position in Globus Medical, Inc. (NYSE:GMED) by 3.6% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 14,526 shares of the medical device company’s stock after selling 540 shares during the period. Acorn Financial Advisory Services Inc. ADV’s holdings in Globus Medical were worth $857,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Farther Finance Advisors LLC grew its stake in Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company’s stock worth $30,000 after acquiring an additional 240 shares during the period. Larson Financial Group LLC grew its stake in Globus Medical by 1,007.7% in the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock worth $32,000 after acquiring an additional 393 shares during the period. Whittier Trust Co. grew its stake in Globus Medical by 46.5% in the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock worth $42,000 after acquiring an additional 184 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Globus Medical by 202.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 572 shares of the medical device company’s stock worth $42,000 after acquiring an additional 383 shares during the period. Finally, Signaturefd LLC grew its stake in Globus Medical by 41.1% in the 2nd quarter. Signaturefd LLC now owns 958 shares of the medical device company’s stock worth $57,000 after acquiring an additional 279 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the sale, the director owned 25,384 shares of the company’s stock, valued at $1,483,948.64. This represents a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.54% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have commented on GMED shares. Canaccord Genuity Group lowered their target price on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, July 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Wells Fargo & Company cut their price target on shares of Globus Medical from $76.00 to $66.00 and set an “overweight” rating on the stock in a research note on Friday, August 8th. Wall Street Zen downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Finally, Royal Bank Of Canada set a $88.00 price target on shares of Globus Medical in a research note on Friday. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $87.27.

Globus Medical Stock Up 1.7%

NYSE:GMED opened at $57.53 on Tuesday. The company has a market cap of $7.77 billion, a P/E ratio of 22.13, a P/E/G ratio of 1.55 and a beta of 1.12. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The firm’s 50 day moving average is $58.85 and its two-hundred day moving average is $61.16.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Thursday, August 7th. The medical device company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.10. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The company had revenue of $745.34 million during the quarter, compared to analyst estimates of $738.91 million. During the same quarter in the prior year, the business earned $0.75 earnings per share. The business’s quarterly revenue was up 18.4% compared to the same quarter last year. Research analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

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.