Globus Medical (NYSE:GMED) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Globus Medical (NYSE:GMED) from a hold rating to a buy rating in a report published on Tuesday.

Several other research firms have also recently commented on GMED. Morgan Stanley lifted their target price on Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a research note on Monday, November 11th. Stifel Nicolaus lifted their price objective on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Royal Bank of Canada boosted their price objective on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Barclays raised their target price on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Finally, Wells Fargo & Company boosted their price target on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Globus Medical presently has an average rating of “Moderate Buy” and an average target price of $88.18.

Globus Medical Stock Performance

Globus Medical stock opened at $81.10 on Tuesday. The business’s fifty day moving average is $73.36 and its two-hundred day moving average is $69.54. The firm has a market cap of $10.98 billion, a P/E ratio of 121.04, a P/E/G ratio of 1.97 and a beta of 1.17. Globus Medical has a 52 week low of $44.02 and a 52 week high of $84.87.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter last year, the company posted $0.57 EPS. The company’s quarterly revenue was up 63.1% compared to the same quarter last year. On average, equities research analysts predict that Globus Medical will post 2.98 earnings per share for the current year.

Insider Transactions at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 25.91 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock valued at $8,512,850 over the last three months. 18.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Several institutional investors have recently added to or reduced their stakes in the stock. V Square Quantitative Management LLC acquired a new stake in Globus Medical in the 3rd quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC bought a new position in shares of Globus Medical during the 2nd quarter worth approximately $33,000. Quarry LP raised its holdings in shares of Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after purchasing an additional 433 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after purchasing an additional 385 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Company Profile

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.