Globus Medical (NYSE:GMED) Receives Hold Rating from Needham & Company LLC

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

A number of other research firms also recently commented on GMED. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Roth Mkm lifted their price objective 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. BTIG Research boosted their target price on shares of Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Finally, Royal Bank of Canada boosted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Four 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 currently has an average rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Price Performance

NYSE GMED opened at $87.60 on Thursday. The company has a market capitalization of $11.93 billion, a price-to-earnings ratio of 130.75, a price-to-earnings-growth ratio of 1.78 and a beta of 1.19. Globus Medical has a 12 month low of $49.33 and a 12 month high of $94.93. The company’s fifty day moving average price is $86.52 and its two-hundred day moving average price is $78.03.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping 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 net margin of 3.69% and a return on equity of 9.98%. The company’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.57 earnings per share. As a group, analysts anticipate that Globus Medical will post 2.98 EPS for the current year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the business’s 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Keith W. Pfeil sold 14,167 shares of the firm’s 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 disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC raised its position in shares of Globus Medical by 4.4% during the 4th quarter. Sequoia Financial Advisors LLC now owns 75,253 shares of the medical device company’s stock worth $6,224,000 after buying an additional 3,141 shares in the last quarter. HighTower Advisors LLC increased its stake in shares of Globus Medical by 2.4% during the fourth quarter. HighTower Advisors LLC now owns 40,002 shares of the medical device company’s stock valued at $3,309,000 after acquiring an additional 935 shares during the period. Wealthfront Advisers LLC bought a new stake in Globus Medical during the fourth quarter worth approximately $6,845,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Globus Medical by 14.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,095 shares of the medical device company’s stock worth $2,572,000 after purchasing an additional 3,828 shares during the period. Finally, Geneva Capital Management LLC boosted its stake in Globus Medical by 13.6% during the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company’s stock valued at $150,188,000 after purchasing an additional 217,707 shares in the last quarter. 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.