Globus Medical (NYSE:GMED) Price Target Raised to $63.00

Globus Medical (NYSE:GMED) had its price target hoisted by equities research analysts at BTIG Research from $60.00 to $63.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the medical device company’s stock. BTIG Research’s target price indicates a potential downside of 2.17% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Truist Financial lifted their price target on Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price target on shares of Globus Medical in a research report on Thursday, January 11th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday. Finally, Stifel Nicolaus upped their price objective on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $66.50.

Globus Medical Price Performance

Shares of NYSE GMED opened at $64.40 on Wednesday. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. The firm has a market capitalization of $8.72 billion, a PE ratio of 55.04, a P/E/G ratio of 1.53 and a beta of 1.11. Globus Medical has a 1-year low of $43.38 and a 1-year high of $65.74. The business’s fifty day moving average price is $52.71 and its two-hundred day moving average price is $51.35.

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

Insider Activity

In related news, Director Leslie V. Norwalk sold 10,590 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The shares were 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 24.30% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Globus Medical by 49.7% during the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after purchasing an additional 3,732,959 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Globus Medical by 16.3% during 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 buying an additional 141,492 shares during the period. SG Americas Securities LLC lifted its stake in Globus Medical by 854.5% during the fourth quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock valued at $8,544,000 after buying an additional 143,540 shares in the last quarter. Leeward Investments LLC MA lifted its stake in Globus Medical by 14.5% during the fourth quarter. Leeward Investments LLC MA now owns 174,141 shares of the medical device company’s stock valued at $9,280,000 after buying an additional 22,022 shares in the last quarter. Finally, Sector Gamma AS acquired a new position in shares of Globus Medical in the third quarter worth about $11,014,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.