Globus Medical (NYSE:GMED) Upgraded to Buy at Wall Street Zen

Globus Medical (NYSE:GMED) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued on Saturday.

A number of other research analysts have also recently issued reports on GMED. Truist Financial upgraded Globus Medical from a “hold” rating to a “buy” rating and lifted their price objective for the company from $65.00 to $93.00 in a research note on Friday. Bank of America upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and increased their price objective for the company from $65.00 to $91.00 in a research report on Friday. Morgan Stanley dropped their price objective on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, July 15th. Wells Fargo & Company boosted their price target on Globus Medical from $66.00 to $79.00 and gave the company an “overweight” rating in a report on Friday. Finally, Stifel Nicolaus initiated coverage on shares of Globus Medical in a research note on Tuesday, October 28th. They issued a “hold” rating and a $64.00 price objective for the company. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Globus Medical presently has an average rating of “Moderate Buy” and a consensus target price of $87.82.

Globus Medical Stock Performance

Shares of Globus Medical stock opened at $83.99 on Friday. The stock has a market capitalization of $11.34 billion, a price-to-earnings ratio of 32.31, a P/E/G ratio of 1.68 and a beta of 1.15. The company’s 50 day moving average price is $59.83 and its 200-day moving average price is $60.01. Globus Medical has a 52-week low of $51.79 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, November 6th. The medical device company reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.39. The company had revenue of $769.05 million for the quarter, compared to the consensus estimate of $734.58 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.Globus Medical’s revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.83 EPS. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. As a group, equities research analysts forecast that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $58.46, for a total value of $584,600.00. Following the transaction, the director owned 25,384 shares in the company, valued at $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 18.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GMED. Syon Capital LLC purchased a new stake in shares of Globus Medical in the 3rd quarter valued at $261,000. Summitry LLC raised its stake in shares of Globus Medical by 15.8% during the 3rd quarter. Summitry LLC now owns 6,739 shares of the medical device company’s stock worth $386,000 after buying an additional 920 shares during the period. State of New Jersey Common Pension Fund D raised its position in Globus Medical by 2.5% during the third quarter. State of New Jersey Common Pension Fund D now owns 39,035 shares of the medical device company’s stock worth $2,236,000 after acquiring an additional 943 shares during the period. Conscious Wealth Investments LLC lifted its stake in Globus Medical by 5.1% in the 3rd quarter. Conscious Wealth Investments LLC now owns 49,052 shares of the medical device company’s stock valued at $2,962,000 after buying an additional 2,364 shares in the last quarter. Finally, HighTower Advisors LLC lifted its position in shares of Globus Medical by 4.6% in the third quarter. HighTower Advisors LLC now owns 40,466 shares of the medical device company’s stock valued at $2,317,000 after acquiring an additional 1,782 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.