Globus Medical (NYSE:GMED) Price Target Raised to $101.00 at Canaccord Genuity Group

Globus Medical (NYSE:GMED) had its price target raised by Canaccord Genuity Group from $92.00 to $101.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a buy rating on the medical device company’s stock.

Several other research firms also recently commented on GMED. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. StockNews.com cut Globus Medical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 20th. BTIG Research increased their price target on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research report on Thursday, December 12th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Thursday. Finally, Truist Financial raised their target price on shares of Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Performance

GMED opened at $87.09 on Friday. The stock has a market capitalization of $11.86 billion, a PE ratio of 129.99, a P/E/G ratio of 1.97 and a beta of 1.19. Globus Medical has a one year low of $49.33 and a one year high of $90.48. The business’s 50 day moving average price is $83.06 and its 200 day moving average price is $75.16.

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

Insiders Place Their Bets

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction 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 in the company, valued at $40,242,076. The trade was a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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 insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in Globus Medical in the 3rd quarter valued at $27,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Globus Medical during the second quarter worth about $33,000. Quarry LP raised its holdings in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after purchasing an additional 433 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Globus Medical by 230.5% in 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. Finally, GAMMA Investing LLC increased its position in Globus Medical by 40.7% during 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. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.