Algert Global LLC Grows Stock Position in Globus Medical, Inc. (NYSE:GMED)

Algert Global LLC raised its position in Globus Medical, Inc. (NYSE:GMED) by 54.7% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 121,233 shares of the medical device company’s stock after acquiring an additional 42,850 shares during the period. Algert Global LLC owned approximately 0.09% of Globus Medical worth $8,673,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC acquired a new stake in Globus Medical in the third quarter valued at about $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in shares of Globus Medical in the 2nd quarter valued at approximately $33,000. Farther Finance Advisors LLC grew its holdings in Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after acquiring an additional 385 shares during the period. GAMMA Investing LLC raised its position in Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after acquiring an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Globus Medical in the second quarter valued at $52,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

Globus Medical Trading Down 0.2 %

NYSE:GMED opened at $84.72 on Friday. Globus Medical, Inc. has a 12-month low of $44.02 and a 12-month high of $85.30. The firm has a market cap of $11.54 billion, a price-to-earnings ratio of 126.45, a price-to-earnings-growth ratio of 2.03 and a beta of 1.17. The company’s 50-day moving average is $74.76 and its two-hundred day moving average is $70.69.

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

Insider Transactions at Globus Medical

In related news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 25.91 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were 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 110,000 shares of company stock worth $8,512,850 over the last quarter. 18.54% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GMED. BTIG Research increased their price target on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Truist Financial boosted their price target on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research note on Wednesday, August 7th. Piper Sandler lifted their price objective on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Bank of America upped their target price on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a report on Wednesday, November 6th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $88.18.

Globus Medical 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.