Globus Medical (NYSE:GMED) Price Target Raised to $88.00

Globus Medical (NYSE:GMED) had its target price increased by Wells Fargo & Company from $78.00 to $88.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the medical device company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 8.98% from the company’s current price.

Several other equities analysts have also recently weighed in on GMED. Bank of America lifted their target price on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday. Royal Bank of Canada increased their target price on shares of Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Barclays increased their price objective on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday. Finally, BTIG Research raised their price target on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. One equities 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $87.09.

Globus Medical Trading Down 1.5 %

Shares of GMED traded down $1.22 during midday trading on Wednesday, hitting $80.75. The stock had a trading volume of 365,191 shares, compared to its average volume of 996,902. The business has a 50-day simple moving average of $71.92 and a two-hundred day simple moving average of $68.16. The firm has a market cap of $10.93 billion, a P/E ratio of 273.23, a price-to-earnings-growth ratio of 2.06 and a beta of 1.17. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $84.87.

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

Insider Buying and Selling

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares in the company, valued at $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is owned by insiders.

Institutional Trading of Globus Medical

Several large investors have recently made changes to their positions in GMED. V Square Quantitative Management LLC bought a new position in Globus Medical in the 3rd quarter valued at $27,000. Ashton Thomas Private Wealth LLC bought a new stake in Globus Medical during the 2nd quarter worth about $33,000. Farther Finance Advisors LLC lifted its position in Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the period. GAMMA Investing LLC boosted its stake in shares of Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after purchasing an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of Globus Medical during the 2nd quarter worth approximately $52,000. Institutional investors 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.