Globus Medical (GMED) Receives “Hold” Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Globus Medical (NYSE:GMED) in a research report sent to investors on Thursday morning.

“GMED’s 4Q17 revenue was consistent with its 1/9/18 preannouncement and its EPS beat consensus. Management reiterated 2018 revenue guidance of $690M and adjusted EPS guidance of $1.50. We estimate that the Emerging Technology segment drove much of the upside given the incremental revenue and negligible EPS drag. Gross margin was up 250 bps Y/Y and operating margin was up 60 bps Y/Y. We maintain our Hold rating since we believe that GMED’s valuation appropriately reflects its Emerging Technologies business’ potential.”,” the firm’s analyst wrote.

Several other brokerages also recently commented on GMED. Canaccord Genuity reaffirmed a positive rating and set a $53.00 price objective (up previously from $47.00) on shares of Globus Medical in a research report on Thursday. BTIG Research raised their price objective on shares of Globus Medical to $51.00 and gave the stock a buy rating in a research report on Thursday. Zacks Investment Research raised shares of Globus Medical from a sell rating to a hold rating in a research report on Wednesday, January 10th. Barclays reaffirmed a sell rating and set a $36.00 price objective on shares of Globus Medical in a research report on Wednesday, January 10th. Finally, Wells Fargo & Co reaffirmed an outperform rating and set a $51.00 price objective (up previously from $46.00) on shares of Globus Medical in a research report on Wednesday, January 10th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company’s stock. Globus Medical currently has a consensus rating of Buy and a consensus price target of $46.29.

Shares of Globus Medical (NYSE:GMED) opened at $48.69 on Thursday. The firm has a market cap of $4,626.05, a P/E ratio of 36.36, a price-to-earnings-growth ratio of 2.81 and a beta of 0.48. Globus Medical has a 52-week low of $26.95 and a 52-week high of $50.88.

Globus Medical (NYSE:GMED) last released its earnings results on Wednesday, February 21st. The medical device company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.03. The business had revenue of $176.03 million during the quarter, compared to the consensus estimate of $175.50 million. Globus Medical had a net margin of 16.88% and a return on equity of 14.18%. The company’s revenue for the quarter was up 16.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.31 EPS. equities research analysts anticipate that Globus Medical will post 1.47 earnings per share for the current year.

In related news, Director David D. Davidar sold 55,383 shares of Globus Medical stock in a transaction on Monday, December 4th. The shares were sold at an average price of $40.66, for a total value of $2,251,872.78. Following the completion of the sale, the director now owns 752,236 shares of the company’s stock, valued at approximately $30,585,915.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Steven Payne sold 3,076 shares of Globus Medical stock in a transaction on Friday, December 15th. The shares were sold at an average price of $39.30, for a total transaction of $120,886.80. Following the completion of the sale, the chief accounting officer now directly owns 23,847 shares of the company’s stock, valued at approximately $937,187.10. The disclosure for this sale can be found here. In the last three months, insiders sold 73,459 shares of company stock valued at $2,947,260. 28.21% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. grew its position in Globus Medical by 1.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after purchasing an additional 35 shares during the period. Advisor Group Inc. grew its position in Globus Medical by 2.0% in the 2nd quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after purchasing an additional 68 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Globus Medical by 39.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,183 shares of the medical device company’s stock valued at $172,000 after purchasing an additional 1,183 shares during the period. First Interstate Bank grew its position in Globus Medical by 42.5% in the 4th quarter. First Interstate Bank now owns 4,321 shares of the medical device company’s stock valued at $178,000 after purchasing an additional 1,288 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in Globus Medical by 3.5% in the 4th quarter. Envestnet Asset Management Inc. now owns 49,126 shares of the medical device company’s stock valued at $2,019,000 after purchasing an additional 1,670 shares during the period. 65.72% of the stock is owned by institutional investors and hedge funds.

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Globus Medical Company Profile

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

Analyst Recommendations for Globus Medical (NYSE:GMED)

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