Atom Investors LP Has $3.12 Million Stake in Globus Medical, Inc. (NYSE:GMED)

Atom Investors LP lifted its holdings in Globus Medical, Inc. (NYSE:GMED) by 126.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,557 shares of the medical device company’s stock after acquiring an additional 24,288 shares during the quarter. Atom Investors LP’s holdings in Globus Medical were worth $3,116,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Comerica Bank boosted its stake in Globus Medical by 0.5% in the first quarter. Comerica Bank now owns 54,814 shares of the medical device company’s stock worth $2,940,000 after purchasing an additional 293 shares in the last quarter. Cetera Advisors LLC acquired a new position in Globus Medical during the 1st quarter worth about $204,000. GAMMA Investing LLC grew its holdings in Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after acquiring an additional 453 shares during the last quarter. Juncture Wealth Strategies LLC increased its position in Globus Medical by 54.0% in the 2nd quarter. Juncture Wealth Strategies LLC now owns 10,406 shares of the medical device company’s stock valued at $713,000 after acquiring an additional 3,648 shares in the last quarter. Finally, Diversified Trust Co raised its stake in shares of Globus Medical by 6.8% in the second quarter. Diversified Trust Co now owns 22,816 shares of the medical device company’s stock worth $1,563,000 after acquiring an additional 1,450 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Insider Activity at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred 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 transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This represents a 25.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,000 shares of company stock valued at $8,512,850. 18.54% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GMED shares. Piper Sandler raised their price target on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Truist Financial lifted their target price on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Stifel Nicolaus raised their price target on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Bank of America boosted their price objective on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley lifted their price objective on shares of Globus Medical from $74.00 to $83.00 and gave the stock an “equal weight” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.18.

Globus Medical Price Performance

GMED stock opened at $85.61 on Monday. The business has a 50-day moving average of $76.26 and a 200-day moving average of $71.63. Globus Medical, Inc. has a fifty-two week low of $44.02 and a fifty-two week high of $86.00. The stock has a market capitalization of $11.66 billion, a P/E ratio of 127.78, a P/E/G ratio of 2.04 and a beta of 1.17.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same quarter in the previous year, the business earned $0.57 earnings per share. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. Equities analysts expect that Globus Medical, Inc. will post 2.98 EPS for the current year.

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.