Short Interest in Globus Medical, Inc. (NYSE:GMED) Declines By 12.5%

Globus Medical, Inc. (NYSE:GMED) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 2,440,000 shares, a drop of 12.5% from the November 15th total of 2,790,000 shares. Based on an average trading volume of 821,700 shares, the days-to-cover ratio is currently 3.0 days.

Insider Buying and Selling at Globus Medical

In other news, SVP Kelly Huller sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 of the company’s stock, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,500 shares of company stock valued at $7,674,950. 18.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Globus Medical

A number of institutional investors have recently bought and sold shares of the company. Lord Abbett & CO. LLC bought a new stake in Globus Medical during the third quarter valued at $37,948,000. Franklin Resources Inc. bought a new stake in Globus Medical during the third quarter valued at $3,833,000. Synovus Financial Corp boosted its position in Globus Medical by 9.8% during the third quarter. Synovus Financial Corp now owns 14,311 shares of the medical device company’s stock valued at $1,024,000 after acquiring an additional 1,281 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its position in Globus Medical by 11.3% during the third quarter. Wilmington Savings Fund Society FSB now owns 14,470 shares of the medical device company’s stock valued at $1,035,000 after acquiring an additional 1,470 shares during the last quarter. Finally, Sanctuary Advisors LLC boosted its position in Globus Medical by 33.9% during the third quarter. Sanctuary Advisors LLC now owns 11,945 shares of the medical device company’s stock valued at $855,000 after acquiring an additional 3,022 shares during the last quarter. Institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Performance

NYSE:GMED opened at $82.42 on Friday. Globus Medical has a 52-week low of $49.14 and a 52-week high of $87.22. The company has a market cap of $11.22 billion, a P/E ratio of 123.01, a P/E/G ratio of 1.99 and a beta of 1.19. The stock’s 50-day simple moving average is $78.81 and its 200 day simple moving average is $72.83.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the previous year, the firm posted $0.57 earnings per share. Globus Medical’s revenue for the quarter was up 63.1% on a year-over-year basis. As a group, equities analysts predict that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on GMED. BTIG Research raised their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Thursday. Canaccord Genuity Group boosted their target price on shares of Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Wells Fargo & Company boosted their target price on shares of Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday. Stifel Nicolaus upped their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $100.00 price target on shares of Globus Medical in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $92.18.

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.