Needham & Company LLC Reaffirms Hold Rating for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating reiterated by analysts at Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports.

GMED has been the topic of several other reports. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Royal Bank of Canada boosted their target price on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. StockNews.com raised Globus Medical from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Finally, Wells Fargo & Company lifted their price target on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Stock Performance

NYSE:GMED opened at $84.22 on Friday. Globus Medical has a 1 year low of $49.33 and a 1 year high of $94.93. The stock has a market cap of $11.47 billion, a P/E ratio of 125.69, a P/E/G ratio of 1.60 and a beta of 1.19. The stock has a 50-day simple moving average of $86.76 and a 200-day simple moving average of $78.94.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. On average, equities research analysts predict that Globus Medical will post 2.98 EPS for the current year.

Insider Buying and Selling at Globus Medical

In related news, SVP Kelly Huller sold 2,500 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SBI Securities Co. Ltd. acquired a new stake in Globus Medical in the fourth quarter valued at about $27,000. Quarry LP increased its position in Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after purchasing an additional 433 shares during the period. UMB Bank n.a. increased its position in Globus Medical by 60.2% during the 4th quarter. UMB Bank n.a. now owns 548 shares of the medical device company’s stock worth $45,000 after purchasing an additional 206 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after buying an additional 385 shares in the last quarter. Finally, V Square Quantitative Management LLC lifted its holdings in shares of Globus Medical by 52.0% in the 4th quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company’s stock valued at $48,000 after buying an additional 197 shares during the period. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.