Duality Advisers LP Increases Stock Position in Globus Medical, Inc. (NYSE:GMED)

Duality Advisers LP boosted its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 65.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,689 shares of the medical device company’s stock after buying an additional 9,398 shares during the quarter. Duality Advisers LP’s holdings in Globus Medical were worth $1,271,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. YHB Investment Advisors Inc. acquired a new stake in shares of Globus Medical during the first quarter worth about $50,000. Allworth Financial LP lifted its position in shares of Globus Medical by 25.7% during the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after purchasing an additional 254 shares in the last quarter. Mather Group LLC. acquired a new stake in shares of Globus Medical during the first quarter worth about $69,000. Quest Partners LLC acquired a new stake in shares of Globus Medical during the fourth quarter worth about $81,000. Finally, HighPoint Advisor Group LLC acquired a new stake in shares of Globus Medical during the fourth quarter worth about $201,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Insider Activity at Globus Medical

In other Globus Medical news, Director Dan Lemaitre sold 63,300 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Dan Lemaitre sold 63,300 shares of Globus Medical stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. 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 20,000 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total transaction of $1,300,000.00. Following the completion of the transaction, the director now directly owns 566,275 shares of the company’s stock, valued at approximately $36,807,875. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GMED. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and raised their target price for the company from $60.00 to $80.00 in a report on Monday, May 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday, May 8th. BTIG Research raised their target price on shares of Globus Medical from $63.00 to $72.00 and gave the company a “buy” rating in a report on Wednesday, May 29th. Barclays raised their target price on shares of Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, May 9th. Finally, Stifel Nicolaus increased their price target on shares of Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $69.40.

Globus Medical Price Performance

Shares of GMED traded up $0.31 during mid-day trading on Friday, reaching $71.06. 301,079 shares of the company’s stock were exchanged, compared to its average volume of 1,092,469. The stock has a market capitalization of $9.62 billion, a PE ratio of 110.60, a price-to-earnings-growth ratio of 1.93 and a beta of 1.15. The business’s fifty day simple moving average is $65.58 and its 200-day simple moving average is $57.50. Globus Medical, Inc. has a 52-week low of $43.38 and a 52-week high of $71.23.

Globus Medical (NYSE:GMED) last announced its earnings results 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 net margin of 3.51% and a return on equity of 8.82%. The business had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. During the same period last year, the firm posted $0.53 earnings per share. The company’s revenue for the quarter was up 119.3% compared to the same quarter last year. Equities research analysts predict that Globus Medical, Inc. will post 2.82 earnings per share for the current year.

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.