Globus Medical (NYSE:GMED) Rating Reiterated by Needham & Company LLC

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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.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Thursday, August 1st. The medical device company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41. The company had revenue of $150.55 million for the quarter, compared to analyst estimates of $184.93 million. Globus Medical had a return on equity of 13.57% and a net margin of 19.30%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.44 earnings per share. On average, equities research analysts forecast that Globus Medical will post 1.72 EPS for the current fiscal year.

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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Analyst Recommendations for Globus Medical (NYSE:GMED)

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