Globus Medical (NYSE:GMED) Trading Up 3% – Here’s What Happened

Globus Medical, Inc. (NYSE:GMED)’s share price rose 3% on Wednesday . The stock traded as high as $86.14 and last traded at $85.92. Approximately 274,605 shares were traded during mid-day trading, a decline of 63% from the average daily volume of 750,507 shares. The stock had previously closed at $83.45.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on GMED shares. Truist Financial increased their target price on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Stifel Nicolaus raised their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. Royal Bank of Canada upped their target price on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Finally, Roth Mkm increased their price target on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.55.

Globus Medical Stock Up 3.1 %

The stock has a market capitalization of $11.72 billion, a P/E ratio of 128.46, a P/E/G ratio of 1.97 and a beta of 1.19. The stock has a 50 day simple moving average of $82.33 and a two-hundred day simple moving average of $74.86.

Globus Medical (NYSE:GMED) last posted its 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 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same quarter last year, the firm earned $0.57 earnings per share. The company’s revenue was up 63.1% on a year-over-year basis. Sell-side analysts predict that Globus Medical, Inc. will post 2.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 97,500 shares of company stock valued at $7,674,950. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Sanctuary Advisors LLC bought a new stake in Globus Medical in the second quarter worth $611,000. Quest Partners LLC purchased a new position in Globus Medical during the 3rd quarter valued at $523,000. Intech Investment Management LLC raised its holdings in Globus Medical by 291.3% in the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock worth $1,469,000 after purchasing an additional 15,283 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Globus Medical during the third quarter valued at about $2,709,000. Finally, AXA S.A. raised its stake in Globus Medical by 0.5% in the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock worth $101,245,000 after buying an additional 7,443 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.