Cambiar Investors LLC Sells 983 Shares of Globus Medical, Inc. (NYSE:GMED)

Cambiar Investors LLC cut its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 2.3% in the third quarter, Holdings Channel reports. The firm owned 42,705 shares of the medical device company’s stock after selling 983 shares during the quarter. Cambiar Investors LLC’s holdings in Globus Medical were worth $3,055,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Burgundy Asset Management Ltd. increased its stake in shares of Globus Medical by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after acquiring an additional 35,054 shares during the last quarter. Champlain Investment Partners LLC increased its stake in Globus Medical by 25.2% in the first quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock valued at $134,335,000 after purchasing an additional 503,745 shares in the last quarter. Magnetar Financial LLC raised its holdings in Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after purchasing an additional 29,200 shares during the period. Geneva Capital Management LLC boosted its position in shares of Globus Medical by 10.5% during the first quarter. Geneva Capital Management LLC now owns 1,571,886 shares of the medical device company’s stock worth $84,316,000 after purchasing an additional 149,987 shares in the last quarter. Finally, AXA S.A. boosted its position in shares of Globus Medical by 0.5% during the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after purchasing an additional 7,443 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GMED. BTIG Research raised their price objective on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Royal Bank of Canada raised their price target on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Morgan Stanley increased their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Truist Financial lifted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, Barclays increased their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $77.78.

Globus Medical Price Performance

Globus Medical stock opened at $74.90 on Friday. The firm has a 50-day moving average of $71.56 and a 200-day moving average of $67.49. The company has a market cap of $10.14 billion, a price-to-earnings ratio of 249.67, a P/E/G ratio of 2.07 and a beta of 1.17. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $75.98.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The firm had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. During the same period last year, the company earned $0.63 earnings per share. The business’s revenue was up 115.9% compared to the same quarter last year. As a group, sell-side analysts expect that Globus Medical, Inc. will post 2.84 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction dated 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 transaction, the director now directly owns 536,275 shares in the company, valued at $40,242,076. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical 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 transaction, the director now directly owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the company’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 completion of the transaction, the director now owns 536,275 shares in the company, 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. Insiders own 18.54% of the company’s stock.

Globus Medical 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.