Globus Medical (NYSE:GMED) Reaches New 12-Month High – Still a Buy?

Globus Medical, Inc. (NYSE:GMED)’s share price reached a new 52-week high on Thursday . The stock traded as high as $90.95 and last traded at $90.56, with a volume of 1676294 shares changing hands. The stock had previously closed at $88.18.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Truist Financial increased their target price on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $80.00 to $97.00 in a report on Thursday, January 9th. Canaccord Genuity Group increased their price target on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Finally, BTIG Research lifted their target price on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $96.91.

Globus Medical Trading Up 0.4 %

The company has a market capitalization of $12.37 billion, a P/E ratio of 135.57, a P/E/G ratio of 1.80 and a beta of 1.19. The firm has a fifty day moving average of $84.08 and a 200 day moving average of $75.90.

Globus Medical (NYSE:GMED) last released 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 period in the previous year, the company earned $0.57 earnings per share. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. Sell-side analysts anticipate that Globus Medical, Inc. will post 2.98 EPS for the current fiscal year.

Insider Buying and Selling at Globus Medical

In related news, SVP Kelly Huller sold 5,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 81,667 shares of company stock valued at $6,674,554. 18.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. V Square Quantitative Management LLC purchased a new stake in Globus Medical in the 3rd quarter worth approximately $27,000. Quarry LP increased its stake 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 worth $35,000 after purchasing an additional 433 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the period. UMB Bank n.a. raised its position in shares of Globus Medical by 60.2% during the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock valued at $45,000 after purchasing an additional 206 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Globus Medical by 40.7% during the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after buying an additional 257 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

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.