Globus Medical (NYSE:GMED) Releases Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Globus Medical (NYSE:GMED) announced its earnings results on Thursday. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.74 by $0.10, Zacks reports. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%.

Globus Medical Price Performance

Shares of Globus Medical stock traded up $0.13 during trading hours on Thursday, hitting $84.22. The company had a trading volume of 1,142,140 shares, compared to its average volume of 1,245,535. The company’s 50-day moving average is $86.73 and its two-hundred day moving average is $78.91. Globus Medical has a twelve month low of $49.33 and a twelve month high of $94.93. The company has a market cap of $11.47 billion, a P/E ratio of 125.69, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19.

Insider Activity

In related news, SVP Kelly Huller sold 2,500 shares of the company’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GMED. Canaccord Genuity Group boosted their price target on shares of Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Thursday, February 6th. Royal Bank of Canada boosted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Piper Sandler lifted their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Finally, Truist Financial lifted their price objective on shares of Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, December 18th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and an average price target of $96.91.

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.