Globus Medical (NYSE:GMED) Upgraded at Zacks Research

Zacks Research upgraded shares of Globus Medical (NYSE:GMED) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages also recently weighed in on GMED. Piper Sandler reiterated an “overweight” rating and issued a $115.00 price objective (up from $90.00) on shares of Globus Medical in a research report on Thursday, January 8th. Barclays lifted their price target on Globus Medical from $118.00 to $123.00 and gave the company an “overweight” rating in a report on Wednesday, February 25th. TD Cowen raised Globus Medical to a “strong-buy” rating in a report on Tuesday, January 27th. Morgan Stanley raised their target price on Globus Medical from $70.00 to $100.00 and gave the company an “overweight” rating in a research report on Tuesday, December 2nd. Finally, Citigroup reaffirmed a “market perform” rating on shares of Globus Medical in a research note on Thursday, January 8th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $104.36.

Globus Medical Trading Down 1.5%

Shares of Globus Medical stock opened at $89.12 on Tuesday. The stock has a market capitalization of $11.93 billion, a price-to-earnings ratio of 22.62, a PEG ratio of 2.11 and a beta of 1.05. Globus Medical has a twelve month low of $51.79 and a twelve month high of $101.40. The business’s 50 day simple moving average is $90.89 and its 200-day simple moving average is $77.21.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.22. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.The firm had revenue of $826.42 million for the quarter, compared to analyst estimates of $803.29 million. During the same period last year, the company earned $0.84 earnings per share. The firm’s revenue for the quarter was up 25.7% on a year-over-year basis. Sell-side analysts predict that Globus Medical will post 3.44 earnings per share for the current year.

Insider Buying and Selling at Globus Medical

In other news, Director Leslie V. Norwalk sold 2,000 shares of the business’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total value of $202,200.00. Following the sale, the director owned 10,419 shares of the company’s stock, valued at approximately $1,053,360.90. The trade was a 16.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Kyle Kline sold 3,594 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $101.10, for a total value of $363,353.40. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 35,594 shares of company stock valued at $3,332,253. 18.51% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

Several hedge funds have recently made changes to their positions in the business. Advisory Services Network LLC bought a new stake in Globus Medical during the third quarter worth approximately $26,000. EverSource Wealth Advisors LLC lifted its position in shares of Globus Medical by 74.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after acquiring an additional 197 shares during the last quarter. Advisors Asset Management Inc. acquired a new position in shares of Globus Medical in the 2nd quarter worth $28,000. SBI Securities Co. Ltd. raised its position in shares of Globus Medical by 98.2% during the fourth quarter. SBI Securities Co. Ltd. now owns 337 shares of the medical device company’s stock worth $29,000 after purchasing an additional 167 shares during the period. Finally, First Horizon Corp acquired a new stake in shares of Globus Medical during the third quarter worth $31,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Company Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.