Clearline Capital LP Cuts Stock Position in Globus Medical, Inc. (NYSE:GMED)

Clearline Capital LP lessened its holdings in shares of Globus Medical, Inc. (NYSE:GMED) by 34.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 314,969 shares of the medical device company’s stock after selling 166,635 shares during the quarter. Globus Medical comprises about 0.6% of Clearline Capital LP’s holdings, making the stock its 13th biggest holding. Clearline Capital LP owned about 0.23% of Globus Medical worth $21,572,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Ashton Thomas Private Wealth LLC acquired a new stake in Globus Medical during the 2nd quarter worth approximately $33,000. GAMMA Investing LLC raised its stake in shares of Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after acquiring an additional 453 shares in the last quarter. YHB Investment Advisors Inc. purchased a new position in Globus Medical in the first quarter valued at $50,000. International Assets Investment Management LLC acquired a new position in Globus Medical during the 2nd quarter worth $52,000. Finally, Mather Group LLC. purchased a new stake in Globus Medical during the 1st quarter worth about $69,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on GMED shares. Truist Financial lifted their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Barclays lifted their price target on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. BTIG Research increased their price objective on shares of Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Morgan Stanley lifted their price objective 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. Finally, Wells Fargo & Company raised Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $60.00 to $78.00 in a report on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $77.20.

Globus Medical Stock Performance

Globus Medical stock opened at $70.61 on Friday. The company has a market capitalization of $9.56 billion, a P/E ratio of 110.33, a PEG ratio of 1.97 and a beta of 1.17. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $74.21. The stock has a 50-day simple moving average of $70.72 and a 200-day simple moving average of $64.03.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The company had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The firm’s revenue for the quarter was up 115.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.63 earnings per share. As a group, analysts forecast that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Ann D. Rhoads sold 15,000 shares of the company’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 completion of the sale, the director now directly owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Leslie V. Norwalk sold 1,000 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the sale, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by insiders.

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.