Wells Fargo & Company Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price target raised by Wells Fargo & Company from $78.00 to $88.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the medical device company’s stock.

Several other analysts have also commented on the company. Morgan Stanley boosted their price target on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Bank of America increased their target price on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday. Truist Financial boosted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Piper Sandler lifted their target price on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

Globus Medical Trading Down 1.3 %

Shares of GMED stock opened at $80.88 on Wednesday. The firm has a market capitalization of $10.95 billion, a P/E ratio of 120.72, a price-to-earnings-growth ratio of 2.19 and a beta of 1.17. Globus Medical has a 1 year low of $43.38 and a 1 year high of $84.87. The firm’s fifty day simple moving average is $72.28 and its 200 day simple moving average is $68.46.

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

Insider Buying and Selling

In related news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock valued at $8,512,850 over the last ninety days. Insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Swedbank AB boosted its position in shares of Globus Medical by 15.4% during the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after purchasing an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in Globus Medical by 17.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after acquiring an additional 172,605 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Globus Medical in the first quarter valued at about $429,000. State Board of Administration of Florida Retirement System increased its holdings in shares of Globus Medical by 12.9% in the first quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock worth $4,839,000 after acquiring an additional 9,754 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of Globus Medical during the second quarter worth about $611,000. 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.