Bank of America Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price objective upped by equities research analysts at Bank of America from $55.00 to $80.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “underperform” rating on the medical device company’s stock. Bank of America‘s target price suggests a potential downside of 2.40% from the company’s current price.

Several other research firms have also issued reports on GMED. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Wednesday, August 7th. Truist Financial lifted 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. BTIG Research lifted their target price on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Morgan Stanley lifted their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Finally, Barclays lifted their target price on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $87.09.

Globus Medical Stock Performance

Globus Medical stock opened at $81.97 on Wednesday. The stock’s 50 day simple moving average is $71.92 and its two-hundred day simple moving average is $68.16. The stock has a market cap of $11.10 billion, a price-to-earnings ratio of 273.23, a PEG ratio of 2.06 and a beta of 1.17. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $84.87.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data 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. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business’s revenue was up 63.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.57 EPS. On average, analysts predict that Globus Medical will post 2.84 earnings per share for the current year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction 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 ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Hedge funds have recently modified their holdings of the business. Swedbank AB grew its position in shares of Globus Medical by 15.4% during the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after acquiring an additional 50,000 shares during the period. Vaughan Nelson Investment Management L.P. boosted its holdings in Globus Medical by 17.9% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after buying an additional 172,605 shares during the period. GSA Capital Partners LLP bought a new position in Globus Medical in the 1st quarter worth $429,000. State Board of Administration of Florida Retirement System boosted its holdings in Globus Medical by 12.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock worth $4,839,000 after buying an additional 9,754 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in Globus Medical in the 2nd quarter worth $611,000. Institutional investors own 95.16% of the company’s stock.

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.