Needham & Company LLC Reiterates Hold Rating for Globus Medical (NYSE:GMED)

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

A number of other equities research analysts have also weighed in on the stock. Royal Bank of Canada boosted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Stifel Nicolaus boosted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group raised their price objective on Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Wells Fargo & Company lifted their price objective on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Finally, Piper Sandler increased their target price on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $94.55.

Globus Medical Trading Up 3.5 %

Shares of GMED stock opened at $86.34 on Thursday. Globus Medical has a 12 month low of $49.33 and a 12 month high of $87.22. The stock has a market capitalization of $11.76 billion, a P/E ratio of 128.87, a PEG ratio of 1.97 and a beta of 1.19. The firm’s 50 day moving average is $82.56 and its 200 day moving average is $74.94.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same period in the previous year, the business earned $0.57 EPS. The business’s revenue for the quarter was up 63.1% on a year-over-year basis. On average, equities analysts predict that Globus Medical will post 2.97 EPS for the current year.

Insider Activity at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares in the company, valued at $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 97,500 shares of company stock valued at $7,674,950. 18.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Globus Medical

A number of hedge funds have recently added to or reduced their stakes in GMED. Select Equity Group L.P. purchased a new position in shares of Globus Medical in the second quarter worth approximately $91,711,000. Millennium Management LLC boosted its stake in shares of Globus Medical by 1,171.5% during the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock worth $93,409,000 after acquiring an additional 1,256,570 shares during the last quarter. ArrowMark Colorado Holdings LLC bought a new stake in shares of Globus Medical during the 3rd quarter valued at $43,947,000. Lord Abbett & CO. LLC purchased a new stake in shares of Globus Medical in the 3rd quarter worth $37,948,000. Finally, Parsifal Capital Management LP increased its stake in shares of Globus Medical by 50.5% in the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after purchasing an additional 453,053 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.