Globus Medical (NYSE:GMED) Stock Rating Upgraded by Morgan Stanley

Morgan Stanley upgraded shares of Globus Medical (NYSE:GMED) from an equal weight rating to an overweight rating in a research note published on Monday, Marketbeat.com reports. Morgan Stanley currently has $100.00 price objective on the medical device company’s stock, up from their previous price objective of $83.00.

Other analysts also recently issued research reports about the stock. Piper Sandler lifted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group lifted their price target on shares of Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Roth Mkm reaffirmed a “buy” rating and set a $100.00 price target on shares of Globus Medical in a research note on Wednesday, November 6th. Royal Bank of Canada lifted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Finally, Truist Financial lifted their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $89.73.

Globus Medical Price Performance

Shares of NYSE GMED opened at $84.39 on Monday. The company has a market cap of $11.49 billion, a P/E ratio of 125.95, a PEG ratio of 2.00 and a beta of 1.19. Globus Medical has a 1 year low of $44.02 and a 1 year high of $87.22. The firm has a 50-day simple moving average of $77.08 and a two-hundred day simple moving average of $72.01.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The company’s revenue was up 63.1% on a year-over-year basis. As a group, equities research analysts expect that Globus Medical will post 2.98 EPS for the current year.

Insiders Place Their Bets

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the transaction, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. This represents a 25.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,500 shares of company stock valued at $8,730,350. 18.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Globus Medical

A number of large investors have recently made changes to their positions in GMED. V Square Quantitative Management LLC purchased a new stake in shares of Globus Medical during the third quarter valued at $27,000. Ashton Thomas Private Wealth LLC acquired a new position in Globus Medical during the second quarter valued at $33,000. Quarry LP lifted its position in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after purchasing an additional 433 shares during the period. Farther Finance Advisors LLC lifted its position in Globus Medical by 230.5% during the third 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. Finally, GAMMA Investing LLC lifted its position in Globus Medical by 254.5% during the second 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 period. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.