Globus Medical (NYSE:GMED) Given New $91.00 Price Target at BTIG Research

Globus Medical (NYSE:GMED) had its target price boosted by BTIG Research from $87.00 to $91.00 in a research report released on Thursday,Benzinga reports. BTIG Research currently has a buy rating on the medical device company’s stock.

GMED has been the subject of several other research reports. Wells Fargo & Company increased their target price on shares of Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research note on Wednesday. Piper Sandler increased their target price on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Royal Bank of Canada increased their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group raised their price objective on shares of Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Monday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $92.18.

Globus Medical Trading Down 0.3 %

Globus Medical stock opened at $82.71 on Thursday. Globus Medical has a 12-month low of $47.19 and a 12-month high of $87.22. The stock has a market cap of $11.26 billion, a P/E ratio of 123.45, a PEG ratio of 1.99 and a beta of 1.19. The company has a 50-day moving average price of $78.58 and a 200 day moving average price of $72.66.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping 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 period last year, the business earned $0.57 earnings per share. Globus Medical’s revenue was up 63.1% compared to the same quarter last year. As a group, analysts forecast that Globus Medical will post 2.97 EPS for the current year.

Insider Buying and Selling

In other news, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares in the company, valued at $40,242,076. The trade was a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock worth $7,674,950 over the last 90 days. 18.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp grew its stake in Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after acquiring an additional 81,371 shares during the last quarter. Burgundy Asset Management Ltd. grew its stake in Globus Medical by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after acquiring an additional 35,054 shares during the last quarter. Geode Capital Management LLC grew its stake in Globus Medical by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after acquiring an additional 21,935 shares during the last quarter. Magnetar Financial LLC lifted its holdings in Globus Medical by 1.7% in the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock valued at $117,699,000 after purchasing an additional 29,200 shares in the last quarter. Finally, Geneva Capital Management LLC lifted its holdings in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after purchasing an additional 18,117 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

About Globus Medical

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.