Globus Medical (NYSE:GMED) PT Raised to $85.00

Globus Medical (NYSE:GMED) had its price objective increased by equities researchers at Barclays from $83.00 to $85.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the medical device company’s stock. Barclays‘s price target suggests a potential upside of 36.00% from the stock’s current price.

GMED has been the topic of a number of other reports. Piper Sandler upped their price objective on Globus Medical from $55.00 to $60.00 and gave the company a “neutral” rating in a research report on Wednesday. BTIG Research raised their price target on Globus Medical from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Wednesday. Truist Financial boosted their price objective on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Stifel Nicolaus raised their target price on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price target on shares of Globus Medical in a report on Thursday, January 11th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $66.50.

Globus Medical Price Performance

Shares of NYSE GMED traded up $0.77 during midday trading on Thursday, reaching $62.50. 754,407 shares of the stock traded hands, compared to its average volume of 1,168,978. The company’s 50 day moving average is $52.50 and its 200 day moving average is $51.26. Globus Medical has a one year low of $43.38 and a one year high of $65.74. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. The stock has a market capitalization of $8.46 billion, a PE ratio of 53.03, a P/E/G ratio of 1.53 and a beta of 1.11.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.55 by $0.17. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The business had revenue of $606.67 million during the quarter, compared to analyst estimates of $586.82 million. During the same quarter last year, the business earned $0.53 earnings per share. Globus Medical’s quarterly revenue was up 119.3% compared to the same quarter last year. On average, equities research analysts anticipate that Globus Medical will post 2.69 earnings per share for the current year.

Insider Buying and Selling

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the sale, the director now directly owns 17,419 shares in the company, valued at approximately $905,613.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 24.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Globus Medical

Large investors have recently modified their holdings of the business. DekaBank Deutsche Girozentrale purchased a new position in Globus Medical in the third quarter valued at about $28,000. YHB Investment Advisors Inc. purchased a new position in shares of Globus Medical in the 1st quarter worth approximately $50,000. Allworth Financial LP raised its stake in shares of Globus Medical by 25.7% during the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after acquiring an additional 254 shares in the last quarter. Mather Group LLC. purchased a new stake in Globus Medical during the first quarter valued at approximately $69,000. Finally, Nisa Investment Advisors LLC boosted its stake in Globus Medical by 122.8% in the third quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company’s stock valued at $74,000 after acquiring an additional 823 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.