Globus Medical (NYSE:GMED) Price Target Raised to $90.00 at Truist Financial

Globus Medical (NYSE:GMED) had its price target boosted by Truist Financial from $85.00 to $90.00 in a report published on Wednesday,Benzinga reports. They currently have a hold rating on the medical device company’s stock.

Other research analysts have also issued research reports about the company. Roth Mkm raised their price objective on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a research report on Tuesday. Royal Bank of Canada raised their price target on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Stifel Nicolaus upped their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group raised their price objective on shares of Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $94.55.

Globus Medical Trading Up 0.7 %

Globus Medical stock traded up $0.56 on Wednesday, hitting $82.34. 159,369 shares of the stock traded hands, compared to its average volume of 991,462. The business’s fifty day simple moving average is $79.54 and its 200 day simple moving average is $73.17. The firm has a market cap of $11.21 billion, a P/E ratio of 122.90, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19. Globus Medical has a 1 year low of $49.33 and a 1 year high of $87.22.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the previous year, the firm posted $0.57 earnings per share. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. As a group, analysts predict that Globus Medical will post 2.97 earnings per share for the current year.

Insiders Place Their Bets

In other news, SVP Kelly Huller sold 2,500 shares of the firm’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,500 shares of company stock valued at $7,674,950. Company insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Institutional investors have recently made changes to their positions in the business. State Street Corp raised its holdings in Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after purchasing an additional 81,371 shares during the period. Burgundy Asset Management Ltd. increased its position in Globus Medical by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock worth $172,245,000 after buying an additional 35,054 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Globus Medical by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after buying an additional 21,935 shares during the period. Magnetar Financial LLC lifted its position in shares of Globus Medical by 1.7% during the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after buying an additional 29,200 shares in the last quarter. Finally, Geneva Capital Management LLC grew its stake in shares of Globus Medical by 1.1% during 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 acquiring an additional 18,117 shares during the period. Institutional investors own 95.16% of the company’s stock.

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.