Globus Medical, Inc. (NYSE:GMED) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Globus Medical, Inc. (NYSE:GMED) have been given an average rating of “Moderate Buy” by the eleven ratings firms that are currently covering the company, Marketbeat Ratings reports. Four analysts have rated the stock with a hold rating and seven have issued a buy rating on the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $73.30.

GMED has been the topic of a number of research reports. Stifel Nicolaus raised their target price on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Morgan Stanley raised their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Piper Sandler raised shares of Globus Medical from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $60.00 to $80.00 in a research report on Monday, May 20th. Truist Financial boosted their price objective on shares of Globus Medical from $63.00 to $78.00 and gave the stock a “hold” rating in a research note on Tuesday, July 16th. Finally, BTIG Research boosted their price objective on shares of Globus Medical from $72.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, July 15th.

Globus Medical Price Performance

Globus Medical stock opened at $71.89 on Friday. Globus Medical has a 1-year low of $43.38 and a 1-year high of $74.16. The firm has a market capitalization of $9.73 billion, a P/E ratio of 112.33, a price-to-earnings-growth ratio of 2.00 and a beta of 1.15. The company’s 50-day moving average is $68.22 and its 200 day moving average is $58.99.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. The business had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The company’s quarterly revenue was up 119.3% compared to the same quarter last year. During the same period last year, the company posted $0.53 earnings per share. Research analysts anticipate that Globus Medical will post 2.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Globus Medical news, Director Leslie V. Norwalk sold 1,000 shares of Globus Medical stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total value of $70,000.00. Following the transaction, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director David D. Davidar sold 20,000 shares of the business’s stock in a transaction on 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 sale, the director now directly owns 566,275 shares of the company’s stock, valued at $36,807,875. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Leslie V. Norwalk sold 1,000 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the sale, the director now directly owns 16,419 shares in the company, valued at $1,149,330. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,300 shares of company stock valued at $5,459,813. 18.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Globus Medical

A number of large investors have recently made changes to their positions in GMED. GAMMA Investing LLC grew its holdings in shares of Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after buying an additional 453 shares during the last quarter. YHB Investment Advisors Inc. acquired a new position in shares of Globus Medical in the first quarter worth about $50,000. Allworth Financial LP raised its position in shares of Globus Medical by 25.7% in the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after acquiring an additional 254 shares during the period. Mather Group LLC. acquired a new position in shares of Globus Medical in the first quarter worth about $69,000. Finally, Nisa Investment Advisors LLC raised its position in shares of Globus Medical by 15.9% in the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after acquiring an additional 160 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Company Profile

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.