Globus Medical (NYSE:GMED) Share Price Breaks Above Two Hundred Day Moving Average – Time to Sell?

Shares of Globus Medical, Inc. (NYSE:GMED) crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $83.35 and traded as high as $87.38. Globus Medical shares last traded at $87.0360, with a volume of 2,349,740 shares traded.

Wall Street Analyst Weigh In

GMED has been the topic of a number of research reports. Truist Financial dropped their price target on shares of Globus Medical from $115.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Stifel Nicolaus lowered their price target on Globus Medical from $95.00 to $80.00 and set a “hold” rating on the stock in a research report on Wednesday, July 8th. Zacks Research raised Globus Medical from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. BMO Capital Markets assumed coverage on Globus Medical in a research report on Wednesday, July 8th. They set an “outperform” rating and a $94.00 target price for the company. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Globus Medical in a report on Friday, September 18th. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $99.46.

Globus Medical Stock Performance

The stock has a market capitalization of $11.69 billion, a price-to-earnings ratio of 22.26, a P/E/G ratio of 1.28 and a beta of 0.98. The firm’s fifty day simple moving average is $77.48 and its 200 day simple moving average is $83.35.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, August 6th. The medical device company reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.24. The business had revenue of $789.61 million for the quarter, compared to analyst estimates of $782.88 million. Globus Medical had a return on equity of 14.57% and a net margin of 17.02%. Globus Medical’s revenue for the quarter was up 5.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.86 EPS. Analysts forecast that Globus Medical, Inc. will post 4.99 earnings per share for the current year.

Insider Buying and Selling at Globus Medical

In other news, Director Stephen T. Zarrilli sold 25,000 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the transaction, the director owned 25,000 shares in the company, valued at approximately $2,176,000. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Tobin sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $74.58, for a total value of $2,237,400.00. Following the completion of the sale, the director owned 15,000 shares of the company’s stock, valued at approximately $1,118,700. This trade represents a 66.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 18.38% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GMED. Elevation Wealth Partners LLC raised its position in shares of Globus Medical by 2,178.6% in the second quarter. Elevation Wealth Partners LLC now owns 319 shares of the medical device company’s stock worth $25,000 after buying an additional 305 shares in the last quarter. Continuum Advisory LLC purchased a new position in Globus Medical in the 2nd quarter worth approximately $25,000. Root Financial Partners LLC bought a new position in Globus Medical during the 3rd quarter valued at about $29,000. Heritage Family Offices LLP bought a new stake in Globus Medical in the 3rd quarter worth approximately $31,000. Finally, Summit Securities Group LLC bought a new position in shares of Globus Medical in the 1st quarter worth approximately $48,000. 95.16% of the stock is currently owned by institutional investors.

About Globus Medical

Globus Medical, Inc develops and commercializes musculoskeletal solutions for surgeons, hospitals and patients. The company focuses primarily on spinal, orthopedic trauma and other orthopedic procedures, offering implants, instruments and related technologies designed to support surgical treatment and improve clinical outcomes.

Its product portfolio includes spinal implants and enabling technologies, including the ExcelsiusGPS robotic navigation platform and Excelsius3D imaging system.