Globus Medical (NYSE:GMED) Price Target Raised to $83.00

Globus Medical (NYSE:GMED) had its price objective increased by Morgan Stanley from $74.00 to $83.00 in a report published on Monday,Benzinga reports. They currently have an equal weight rating on the medical device company’s stock.

Other research analysts have also recently issued reports about the company. Bank of America lifted their price target on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a report on Wednesday, November 6th. Canaccord Genuity Group boosted their price objective on shares of Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Roth Mkm reiterated a “buy” rating and issued a $100.00 price objective on shares of Globus Medical in a research report on Wednesday, November 6th. Stifel Nicolaus boosted their target price on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Barclays upped their price target on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $88.18.

Globus Medical Stock Performance

Shares of NYSE:GMED opened at $81.10 on Monday. The company’s fifty day moving average is $72.94 and its 200-day moving average is $69.25. Globus Medical has a 52 week low of $44.02 and a 52 week high of $84.87. The company has a market capitalization of $10.98 billion, a PE ratio of 121.04, a P/E/G ratio of 1.99 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its earnings results 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 company 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%. Globus Medical’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. On average, analysts forecast that Globus Medical will post 2.98 EPS for the current year.

Insider Activity

In related news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 25.91 % decrease in their position. 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 in the last ninety days. 18.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Globus Medical

Several institutional investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC bought a new stake in shares of Globus Medical in the third quarter valued at about $27,000. Ashton Thomas Private Wealth LLC bought a new stake in Globus Medical in the 2nd quarter valued at approximately $33,000. Farther Finance Advisors LLC boosted its position in Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after acquiring an additional 385 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after acquiring an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Globus Medical in the second quarter valued at approximately $52,000. 95.16% of the stock is 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.