Needham & Company LLC reiterated their buy rating on shares of Globus Medical (NYSE:GMED) in a research report sent to investors on Friday, Briefing.com Automated Import reports. The brokerage currently has a $56.00 target price on the medical device company’s stock, up from their previous target price of $52.00.
Several other brokerages have also issued reports on GMED. Zacks Investment Research raised Globus Medical from a hold rating to a buy rating and set a $51.00 price objective on the stock in a report on Wednesday, April 24th. Morgan Stanley set a $45.00 price objective on Globus Medical and gave the stock a hold rating in a report on Wednesday, June 5th. Finally, Wells Fargo & Co lowered Globus Medical from an outperform rating to a market perform rating and dropped their price objective for the stock from $50.00 to $41.00 in a report on Friday, May 24th. Four investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Globus Medical presently has a consensus rating of Buy and a consensus target price of $54.90.
NYSE:GMED opened at $49.19 on Friday. The stock has a market capitalization of $4.96 billion, a price-to-earnings ratio of 29.46, a PEG ratio of 2.56 and a beta of 0.89. The company has a fifty day simple moving average of $42.97. Globus Medical has a 12 month low of $38.01 and a 12 month high of $57.83.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Globus Medical by 0.3% in the first quarter. BlackRock Inc. now owns 9,540,773 shares of the medical device company’s stock valued at $471,410,000 after purchasing an additional 26,994 shares during the period. Janus Henderson Group PLC lifted its position in Globus Medical by 83.1% in the second quarter. Janus Henderson Group PLC now owns 6,179,600 shares of the medical device company’s stock valued at $261,397,000 after purchasing an additional 2,803,797 shares during the period. Norges Bank acquired a new stake in Globus Medical in the fourth quarter valued at about $43,840,000. Geode Capital Management LLC lifted its position in Globus Medical by 5.2% in the fourth quarter. Geode Capital Management LLC now owns 807,842 shares of the medical device company’s stock valued at $34,963,000 after purchasing an additional 39,789 shares during the period. Finally, Marathon Asset Management LLP lifted its position in Globus Medical by 1.8% in the second quarter. Marathon Asset Management LLP now owns 767,432 shares of the medical device company’s stock valued at $32,464,000 after purchasing an additional 13,926 shares during the period. 66.75% of the stock is currently owned by hedge funds and other institutional investors.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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