Roth Mkm Reaffirms Buy Rating for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED)‘s stock had its “buy” rating restated by Roth Mkm in a report released on Wednesday, Benzinga reports. They currently have a $100.00 price target on the medical device company’s stock. Roth Mkm’s price target points to a potential upside of 23.38% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Wells Fargo & Company increased their price target on Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research report on Wednesday. Piper Sandler increased their price target on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday. Truist Financial increased their price objective on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Stifel Nicolaus lifted their target price on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Barclays lifted their target price on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.09.

Globus Medical Trading Up 7.2 %

NYSE:GMED traded up $5.47 during mid-day trading on Wednesday, hitting $81.05. 1,864,626 shares of the company’s stock traded hands, compared to its average volume of 988,824. The firm has a 50 day moving average of $71.69 and a two-hundred day moving average of $68.06. Globus Medical has a 12 month low of $43.38 and a 12 month high of $84.74. The firm has a market capitalization of $10.97 billion, a price-to-earnings ratio of 270.17, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 EPS. As a group, equities research analysts expect that Globus Medical will post 2.84 earnings per share for the current year.

Insider Activity

In other news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the sale, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Institutional investors have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Globus Medical by 37.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,293 shares of the medical device company’s stock valued at $1,679,000 after purchasing an additional 8,534 shares during the last quarter. Janney Montgomery Scott LLC grew its position in Globus Medical by 26.9% during the first quarter. Janney Montgomery Scott LLC now owns 35,640 shares of the medical device company’s stock worth $1,912,000 after buying an additional 7,565 shares in the last quarter. Capstone Investment Advisors LLC bought a new stake in Globus Medical during the first quarter worth $308,000. GSA Capital Partners LLP bought a new stake in Globus Medical during the first quarter worth $429,000. Finally, Texas Permanent School Fund Corp lifted its stake in shares of Globus Medical by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 100,964 shares of the medical device company’s stock valued at $5,416,000 after acquiring an additional 1,311 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

About Globus Medical

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.