Globus Medical (NYSE:GMED) Stock Price Up 3% – Time to Buy?

Globus Medical, Inc. (NYSE:GMED) shares shot up 3% on Wednesday . The stock traded as high as $86.14 and last traded at $85.92. 274,605 shares were traded during mid-day trading, a decline of 63% from the average session volume of 750,507 shares. The stock had previously closed at $83.45.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GMED. Roth Mkm boosted their price target on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $80.00 to $97.00 in a research note on Thursday. Piper Sandler boosted their price objective 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. Wells Fargo & Company boosted their price objective on shares of Globus Medical from $88.00 to $95.00 and gave the company an “overweight” rating in a research note on Wednesday, December 11th. Finally, Morgan Stanley raised shares of Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Trading Up 0.6 %

The firm’s 50-day simple moving average is $82.81 and its 200 day simple moving average is $75.02. The stock has a market cap of $11.86 billion, a P/E ratio of 129.99, a PEG ratio of 1.97 and a beta of 1.19.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business’s revenue was up 63.1% on a year-over-year basis. During the same period last year, the firm posted $0.57 earnings per share. On average, analysts anticipate that Globus Medical, Inc. will post 2.97 EPS for the current year.

Insider Buying and Selling

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 97,500 shares of company stock valued at $7,674,950. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. State Street Corp grew its stake in Globus Medical by 2.3% during the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after buying an additional 81,371 shares during the last quarter. Burgundy Asset Management Ltd. boosted its stake in Globus Medical by 1.4% in the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after acquiring an additional 35,054 shares during the last quarter. Geode Capital Management LLC raised its holdings in Globus Medical by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after purchasing an additional 21,935 shares during the period. Magnetar Financial LLC raised its holdings in Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after purchasing an additional 29,200 shares during the period. Finally, Geneva Capital Management LLC raised its holdings in shares of Globus Medical by 1.1% during the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after acquiring an additional 18,117 shares during the period. 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.