Bank of America Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price objective increased by investment analysts at Bank of America from $55.00 to $80.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “underperform” rating on the medical device company’s stock. Bank of America‘s target price points to a potential upside of 5.83% from the stock’s current price.

Several other research analysts have also recently issued reports on the stock. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $60.00 to $78.00 in a report on Wednesday, August 7th. Barclays boosted their target price on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. BTIG Research lifted their target price on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Truist Financial upped their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, Morgan Stanley lifted their target price on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.00.

Globus Medical Stock Up 1.2 %

Shares of Globus Medical stock opened at $75.59 on Wednesday. The business’s fifty day simple moving average is $71.69 and its 200-day simple moving average is $68.06. The firm has a market cap of $10.24 billion, a PE ratio of 251.97, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. Globus Medical has a 52 week low of $43.38 and a 52 week high of $76.13.

Globus Medical (NYSE:GMED) last released its quarterly 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 business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business’s revenue was up 63.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.57 EPS. As a group, equities analysts expect that Globus Medical will post 2.84 earnings per share for the current year.

Insider Transactions at Globus Medical

In other news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Several hedge funds have recently modified their holdings of GMED. Geneva Capital Management LLC increased its stake in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after buying an additional 18,117 shares during the period. Lisanti Capital Growth LLC raised its holdings in shares of Globus Medical by 68.4% during the third quarter. Lisanti Capital Growth LLC now owns 24,915 shares of the medical device company’s stock worth $1,782,000 after acquiring an additional 10,120 shares in the last quarter. River Global Investors LLP boosted its position in Globus Medical by 0.7% during the third quarter. River Global Investors LLP now owns 47,067 shares of the medical device company’s stock valued at $3,366,000 after purchasing an additional 331 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in Globus Medical by 6.0% in the third quarter. Crossmark Global Holdings Inc. now owns 7,750 shares of the medical device company’s stock valued at $554,000 after purchasing an additional 436 shares in the last quarter. Finally, Radnor Capital Management LLC purchased a new stake in shares of Globus Medical during the 3rd quarter worth about $2,144,000. 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.