Globus Medical (NYSE:GMED) Rating Increased to Neutral at Bank of America

Bank of America upgraded shares of Globus Medical (NYSE:GMED) from an underperform rating to a neutral rating in a research report released on Thursday,Benzinga reports. The firm currently has $97.00 target price on the medical device company’s stock, up from their prior target price of $80.00.

Several other analysts have also weighed in on the stock. Royal Bank of Canada boosted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Truist Financial lifted their target price on Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Canaccord Genuity Group increased their price target on Globus Medical from $85.00 to $92.00 and gave the stock a “buy” rating in a research report on Monday, December 9th. Finally, Piper Sandler upped their price objective on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $96.09.

Globus Medical Stock Performance

Shares of Globus Medical stock opened at $86.34 on Thursday. Globus Medical has a 1 year low of $49.33 and a 1 year high of $87.22. The firm’s 50-day simple moving average is $82.81 and its 200-day simple moving average is $75.02. The firm has a market cap of $11.76 billion, a PE ratio of 128.87, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS 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 for the quarter, compared to the consensus estimate of $604.69 million. During the same quarter last year, the business posted $0.57 EPS. Globus Medical’s quarterly revenue was up 63.1% compared to the same quarter last year. On average, equities analysts predict that Globus Medical will post 2.97 earnings per share for the current year.

Insider Activity at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the firm’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 owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock worth $7,674,950 in the last 90 days. Corporate insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. V Square Quantitative Management LLC bought a new position in shares of Globus Medical in the third quarter valued at $27,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Globus Medical in the 2nd quarter worth $33,000. Quarry LP grew its holdings in shares of Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock worth $35,000 after acquiring an additional 433 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after purchasing an additional 385 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Globus Medical by 40.7% in the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after purchasing an additional 257 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Company 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.