Globus Medical (NYSE:GMED) Given Hold Rating at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Globus Medical (NYSE:GMED) in a report issued on Wednesday morning, Benzinga reports.

GMED has been the topic of several other reports. Stifel Nicolaus increased their target price on shares of Globus Medical from $61.00 to $64.00 and gave the stock a buy rating in a research note on Wednesday, February 21st. Royal Bank of Canada restated an outperform rating and set a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. Truist Financial increased their target price on Globus Medical from $58.00 to $60.00 and gave the stock a hold rating in a report on Wednesday, February 21st. Finally, BTIG Research raised shares of Globus Medical from a neutral rating to a buy rating and set a $60.00 price target for the company in a research report on Monday, March 18th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $66.60.

Globus Medical Stock Performance

Shares of Globus Medical stock opened at $61.61 on Wednesday. The stock has a market cap of $8.34 billion, a price-to-earnings ratio of 52.66, a P/E/G ratio of 1.53 and a beta of 1.11. Globus Medical has a twelve month low of $43.38 and a twelve month high of $65.74. The company’s fifty day moving average is $52.50 and its 200 day moving average is $51.26. The company has a quick ratio of 2.72, a current ratio of 4.88 and a debt-to-equity ratio of 0.10.

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

Insiders Place Their Bets

In related news, Director Leslie V. Norwalk sold 10,590 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the sale, the director now directly owns 17,419 shares in the company, valued at approximately $905,613.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 24.30% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. grew its holdings in Globus Medical by 49.7% during the 3rd quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after buying an additional 3,732,959 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Globus Medical by 16.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock worth $53,873,000 after purchasing an additional 141,492 shares in the last quarter. SG Americas Securities LLC boosted its holdings in Globus Medical by 854.5% in the 4th quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock valued at $8,544,000 after purchasing an additional 143,540 shares during the period. Leeward Investments LLC MA grew its position in shares of Globus Medical by 14.5% during the 4th quarter. Leeward Investments LLC MA now owns 174,141 shares of the medical device company’s stock valued at $9,280,000 after purchasing an additional 22,022 shares in the last quarter. Finally, Sector Gamma AS bought a new position in shares of Globus Medical in the third quarter worth $11,014,000. Hedge funds and other institutional investors 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.