Needham & Company LLC upgraded shares of Globus Medical (NYSE:GMED) from a hold rating to a buy rating in a report issued on Wednesday morning, MarketBeat reports. Needham & Company LLC currently has $57.00 target price on the medical device company’s stock. The analysts noted that the move was a valuation call.
A number of other research analysts have also commented on GMED. Leerink Swann reiterated an outperform rating and issued a $60.00 price objective (up from $56.00) on shares of Globus Medical in a research report on Wednesday, March 28th. Zacks Investment Research lowered Globus Medical from a buy rating to a hold rating in a research report on Tuesday, March 13th. Canaccord Genuity reiterated a buy rating and issued a $53.00 price objective on shares of Globus Medical in a research report on Monday, March 12th. ValuEngine upgraded Globus Medical from a hold rating to a buy rating in a research report on Thursday, March 1st. Finally, Oppenheimer set a $49.00 price objective on Globus Medical and gave the company a hold rating in a research report on Thursday, February 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. Globus Medical currently has an average rating of Buy and a consensus price target of $51.56.
GMED stock opened at $49.53 on Wednesday. Globus Medical has a fifty-two week low of $27.79 and a fifty-two week high of $52.18. The firm has a market cap of $4,773.50, a P/E ratio of 37.52, a price-to-earnings-growth ratio of 2.74 and a beta of 0.42.
Globus Medical (NYSE:GMED) last released its quarterly earnings results on Wednesday, February 21st. The medical device company reported $0.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.03. Globus Medical had a return on equity of 13.93% and a net margin of 16.88%. The firm had revenue of $176.03 million during the quarter, compared to analysts’ expectations of $175.50 million. During the same period last year, the firm posted $0.31 EPS. The business’s revenue was up 16.1% on a year-over-year basis. equities analysts anticipate that Globus Medical will post 1.5 earnings per share for the current fiscal year.
In other news, VP Eric Schwartz sold 24,000 shares of the firm’s stock in a transaction on Wednesday, March 28th. The stock was sold at an average price of $50.00, for a total value of $1,200,000.00. Following the transaction, the vice president now directly owns 24,000 shares in the company, valued at approximately $1,200,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 28.21% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of GMED. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Globus Medical by 39.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,183 shares of the medical device company’s stock worth $172,000 after buying an additional 1,183 shares during the period. First Interstate Bank raised its stake in Globus Medical by 42.5% during the 4th quarter. First Interstate Bank now owns 4,321 shares of the medical device company’s stock worth $178,000 after buying an additional 1,288 shares during the period. Greenwood Capital Associates LLC acquired a new stake in Globus Medical during the 4th quarter worth $204,000. HPM Partners LLC acquired a new stake in Globus Medical during the 4th quarter worth $211,000. Finally, Shelton Capital Management acquired a new stake in Globus Medical during the 4th quarter worth $223,000. Institutional investors and hedge funds own 65.92% of the company’s stock.
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About Globus Medical
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.
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