Needham & Company LLC Reiterates “Hold” Rating for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating restated by stock analysts at Needham & Company LLC in a note issued to investors on Wednesday, Benzinga reports.

A number of other research analysts have also recently issued reports on the stock. Truist Financial increased their target price on shares of 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 reissued an “outperform” rating and issued a $70.00 target price on shares of Globus Medical in a report on Thursday, January 11th. BTIG Research raised Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Monday, March 18th. Finally, Stifel Nicolaus increased their price objective on shares of Globus Medical from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and a consensus price target of $66.50.

Globus Medical Stock Up 4.3 %

Globus Medical stock opened at $64.40 on Wednesday. The stock has a 50-day simple moving average of $52.71 and a 200-day simple moving average of $51.35. The company has a market capitalization of $8.72 billion, a P/E ratio of 55.04, a PEG ratio of 1.53 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $65.74.

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

Insiders Place Their Bets

In related news, Director Leslie V. Norwalk sold 10,590 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the transaction, the director now owns 17,419 shares in the company, valued at $905,613.81. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 24.30% of the stock is owned by company insiders.

Institutional Trading of Globus Medical

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted 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 acquiring an additional 3,732,959 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Globus Medical by 16.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock valued at $53,873,000 after buying an additional 141,492 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of 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 worth $8,544,000 after buying an additional 143,540 shares during the period. Leeward Investments LLC MA increased its position in Globus Medical by 14.5% in the 4th quarter. Leeward Investments LLC MA now owns 174,141 shares of the medical device company’s stock valued at $9,280,000 after acquiring an additional 22,022 shares during the period. Finally, Sector Gamma AS acquired a new stake in Globus Medical in the 3rd quarter valued at approximately $11,014,000. 95.16% of the stock is 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.