Stifel Nicolaus Boosts Globus Medical (NYSE:GMED) Price Target to $70.00

Globus Medical (NYSE:GMED) had its price objective raised by Stifel Nicolaus from $64.00 to $70.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the medical device company’s stock. Stifel Nicolaus’ target price suggests a potential upside of 10.76% from the company’s previous close.

A number of other research analysts have also commented on the stock. Truist Financial raised their price objective on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research note on Wednesday, February 21st. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. BTIG Research raised Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a report on Monday, March 18th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Globus Medical Stock Performance

Shares of NYSE GMED traded up $11.84 during mid-day trading on Wednesday, hitting $63.20. The company had a trading volume of 2,360,412 shares, compared to its average volume of 1,121,353. Globus Medical has a 12 month low of $43.38 and a 12 month high of $64.73. The stock has a market cap of $8.56 billion, a price-to-earnings ratio of 54.19, a PEG ratio of 1.53 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. The firm’s 50 day simple moving average is $52.36 and its two-hundred day simple moving average is $51.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.17. The firm had revenue of $606.67 million for the quarter, compared to the consensus estimate of $586.82 million. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. Globus Medical’s quarterly revenue was up 119.3% compared to the same quarter last year. During the same period last year, the firm posted $0.53 EPS. As a group, equities research analysts forecast that Globus Medical will post 2.69 earnings per share for the current year.

Insider Activity

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the transaction, the director now owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 24.30% of the stock is currently owned by company insiders.

Institutional Trading of Globus Medical

Several institutional investors have recently bought and sold shares of the stock. Anchor Capital Advisors LLC bought a new position in shares of Globus Medical during the first quarter valued at $22,371,000. River Global Investors LLP boosted its position in Globus Medical by 47.5% in the first quarter. River Global Investors LLP now owns 40,072 shares of the medical device company’s stock valued at $2,149,000 after buying an additional 12,896 shares in the last quarter. Mitsubishi UFJ Asset Management UK Ltd. grew its stake in Globus Medical by 21.0% during the first quarter. Mitsubishi UFJ Asset Management UK Ltd. now owns 17,300 shares of the medical device company’s stock worth $928,000 after buying an additional 3,000 shares during the last quarter. Duality Advisers LP increased its holdings in shares of Globus Medical by 65.8% during the first quarter. Duality Advisers LP now owns 23,689 shares of the medical device company’s stock worth $1,271,000 after buying an additional 9,398 shares in the last quarter. Finally, Leith Wheeler Investment Counsel Ltd. acquired a new stake in shares of Globus Medical during the first quarter worth approximately $4,586,000. 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.