Wealthfront Advisers LLC Acquires New Position in Globus Medical, Inc. (NYSE:GMED)

Wealthfront Advisers LLC acquired a new stake in Globus Medical, Inc. (NYSE:GMED) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 82,761 shares of the medical device company’s stock, valued at approximately $6,845,000. Wealthfront Advisers LLC owned about 0.06% of Globus Medical as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GMED. Farther Finance Advisors LLC raised its position in shares of Globus Medical by 230.5% in 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 last quarter. Crossmark Global Holdings Inc. increased its holdings in Globus Medical by 6.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 7,750 shares of the medical device company’s stock worth $554,000 after buying an additional 436 shares during the period. KBC Group NV increased its holdings in Globus Medical by 0.5% in the 3rd quarter. KBC Group NV now owns 45,505 shares of the medical device company’s stock worth $3,255,000 after buying an additional 237 shares during the period. Sheaff Brock Investment Advisors LLC increased its holdings in Globus Medical by 0.8% in the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 39,024 shares of the medical device company’s stock worth $2,792,000 after buying an additional 321 shares during the period. Finally, Quest Partners LLC acquired a new position in Globus Medical in the 3rd quarter worth approximately $523,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Globus Medical

In related news, 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 value of $1,250,804.43. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 18.54% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GMED shares. Roth Mkm increased their price target on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Truist Financial increased their price target on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. BTIG Research increased their price target on shares of Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. Stifel Nicolaus increased their price target on shares of Globus Medical from $92.00 to $94.00 and gave the stock a “buy” rating in a report on Friday, February 21st. Finally, StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Thursday. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $97.82.

Globus Medical Stock Performance

Globus Medical stock opened at $71.20 on Thursday. The company’s fifty day moving average price is $85.34 and its 200 day moving average price is $79.76. Globus Medical, Inc. has a 1 year low of $49.33 and a 1 year high of $94.93. The stock has a market capitalization of $9.79 billion, a P/E ratio of 94.93, a P/E/G ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released 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 net margin of 4.09% and a return on equity of 10.83%. The firm had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. Sell-side analysts predict that Globus Medical, Inc. will post 3.44 EPS for the current year.

Globus Medical Company Profile

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.