Globus Medical (NYSE:GMED) Upgraded to “Strong-Buy” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Globus Medical (NYSE:GMED) to a strong-buy rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other equities analysts also recently weighed in on GMED. Zacks Research raised Globus Medical from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Canaccord Genuity Group increased their price objective on Globus Medical from $105.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Citigroup reaffirmed a “market perform” rating on shares of Globus Medical in a report on Thursday, January 8th. Piper Sandler reaffirmed an “overweight” rating and set a $115.00 price target (up from $90.00) on shares of Globus Medical in a report on Thursday, January 8th. Finally, Truist Financial set a $115.00 price objective on shares of Globus Medical in a research report on Wednesday, February 25th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Globus Medical presently has an average rating of “Moderate Buy” and a consensus target price of $104.36.

Globus Medical Stock Down 1.7%

NYSE:GMED opened at $86.69 on Wednesday. Globus Medical has a 52 week low of $51.79 and a 52 week high of $101.40. The stock’s fifty day moving average is $90.43 and its two-hundred day moving average is $78.91. The stock has a market capitalization of $11.72 billion, a price-to-earnings ratio of 22.00, a price-to-earnings-growth ratio of 2.06 and a beta of 1.05.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, February 24th. The medical device company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.22. The business had revenue of $826.42 million during the quarter, compared to analysts’ expectations of $803.29 million. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.The company’s revenue was up 25.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.84 earnings per share. On average, sell-side analysts expect that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Transactions at Globus Medical

In other news, Director Leslie V. Norwalk sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $202,200.00. Following the sale, the director owned 10,419 shares of the company’s stock, valued at $1,053,360.90. The trade was a 16.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Kyle Kline sold 3,594 shares of Globus Medical stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total value of $363,353.40. The SEC filing for this sale provides additional information. Insiders have sold 35,594 shares of company stock valued at $3,332,253 in the last quarter. 18.51% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Large investors have recently added to or reduced their stakes in the business. ANTIPODES PARTNERS Ltd increased its stake in shares of Globus Medical by 49,020.3% during the 3rd quarter. ANTIPODES PARTNERS Ltd now owns 891,043 shares of the medical device company’s stock worth $51,034,000 after purchasing an additional 889,229 shares in the last quarter. Foresight Group Ltd Liability Partnership lifted its stake in Globus Medical by 160.7% in the 3rd quarter. Foresight Group Ltd Liability Partnership now owns 421,541 shares of the medical device company’s stock valued at $24,142,000 after buying an additional 259,870 shares in the last quarter. William Blair Investment Management LLC lifted its stake in Globus Medical by 17.2% in the 3rd quarter. William Blair Investment Management LLC now owns 2,819,165 shares of the medical device company’s stock valued at $161,454,000 after buying an additional 414,134 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Globus Medical by 189.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 476,531 shares of the medical device company’s stock valued at $27,953,000 after buying an additional 312,149 shares during the last quarter. Finally, Paradice Investment Management LLC increased its position in Globus Medical by 20.9% during the third quarter. Paradice Investment Management LLC now owns 663,038 shares of the medical device company’s stock worth $37,972,000 after buying an additional 114,433 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

About Globus Medical

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.