Piper Sandler Issues Positive Forecast for Globus Medical (NYSE:GMED) Stock Price

Globus Medical (NYSE:GMED) had its price target upped by Piper Sandler from $80.00 to $100.00 in a report published on Wednesday,Benzinga reports. The brokerage currently has an overweight rating on the medical device company’s stock.

Other equities analysts have also issued reports about the stock. Truist Financial raised their target price 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. Morgan Stanley raised their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Bank of America boosted their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday. Finally, Royal Bank of Canada raised their price objective on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $87.09.

Globus Medical Stock Performance

NYSE:GMED traded down $0.85 during trading hours on Wednesday, hitting $81.86. The stock had a trading volume of 367,904 shares, compared to its average volume of 995,217. The business’s 50 day moving average is $71.92 and its 200-day moving average is $68.16. The company has a market cap of $11.08 billion, a price-to-earnings ratio of 275.67, a P/E/G ratio of 2.06 and a beta of 1.17. Globus Medical has a one year low of $43.38 and a one year high of $84.87.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. 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 prior year, the firm posted $0.57 EPS. The business’s revenue was up 63.1% on a year-over-year basis. On average, sell-side analysts anticipate that Globus Medical will post 2.84 EPS for the current fiscal year.

Insider Activity

In related news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the sale, the director now owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

Several institutional investors and hedge funds have recently made changes to their positions in GMED. V Square Quantitative Management LLC bought a new position in Globus Medical in the third quarter valued at $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Globus Medical during the second quarter valued at approximately $33,000. Farther Finance Advisors LLC lifted 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 worth $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% during 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 in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in shares of Globus Medical during the second quarter valued at about $52,000. Hedge funds and other 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.