Globus Medical (NYSE:GMED) had its price target upped by Cantor Fitzgerald from $55.00 to $64.00 in a research note published on Thursday morning, The Fly reports. They currently have an overweight rating on the medical device company’s stock.
Other equities analysts have also issued research reports about the company. Zacks Investment Research raised Globus Medical from a sell rating to a hold rating and set a $54.00 price target on the stock in a research note on Tuesday, August 6th. Needham & Company LLC reaffirmed a buy rating and set a $56.00 price target (up previously from $52.00) on shares of Globus Medical in a research note on Friday, August 2nd. Wells Fargo & Co upped their price target on Globus Medical from $42.00 to $53.00 and gave the company a market perform rating in a research note on Tuesday, October 8th. Finally, ValuEngine raised Globus Medical from a hold rating to a buy rating in a research note on Wednesday, September 4th. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Globus Medical currently has an average rating of Buy and an average price target of $58.22.
Globus Medical stock traded up $0.98 on Thursday, reaching $55.72. The company’s stock had a trading volume of 585,132 shares, compared to its average volume of 578,325. The company has a market cap of $5.24 billion, a price-to-earnings ratio of 33.37, a PEG ratio of 2.74 and a beta of 0.95. The business’s fifty day moving average price is $51.06 and its 200 day moving average price is $46.42. Globus Medical has a twelve month low of $38.01 and a twelve month high of $56.34.
Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Wednesday, November 6th. The medical device company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. The company had revenue of $196.22 million for the quarter, compared to analyst estimates of $185.86 million. Globus Medical had a return on equity of 13.29% and a net margin of 19.30%. The business’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.39 earnings per share. As a group, equities research analysts forecast that Globus Medical will post 1.71 earnings per share for the current year.
In related news, SVP Kelly Huller sold 3,000 shares of the company’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $52.90, for a total value of $158,700.00. Following the completion of the sale, the senior vice president now owns 6,384 shares in the company, valued at $337,713.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David D. Davidar sold 50,000 shares of the company’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $49.33, for a total value of $2,466,500.00. Following the completion of the sale, the director now owns 754,775 shares of the company’s stock, valued at approximately $37,233,050.75. The disclosure for this sale can be found here. Corporate insiders own 24.97% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GMED. Janus Henderson Group PLC increased its holdings in Globus Medical by 83.1% in the second quarter. Janus Henderson Group PLC now owns 6,179,600 shares of the medical device company’s stock valued at $261,397,000 after purchasing an additional 2,803,797 shares during the last quarter. Nuance Investments LLC increased its holdings in Globus Medical by 307.4% in the second quarter. Nuance Investments LLC now owns 1,316,057 shares of the medical device company’s stock valued at $55,669,000 after purchasing an additional 993,056 shares during the last quarter. Nuveen Asset Management LLC bought a new stake in Globus Medical in the second quarter valued at about $29,363,000. GW&K Investment Management LLC increased its holdings in Globus Medical by 35.4% in the third quarter. GW&K Investment Management LLC now owns 1,447,134 shares of the medical device company’s stock valued at $73,977,000 after purchasing an additional 378,211 shares during the last quarter. Finally, Pembroke Management LTD bought a new stake in Globus Medical in the second quarter valued at about $13,495,000. Institutional investors and hedge funds own 68.00% of the company’s stock.
Globus Medical Company Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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