Globus Medical (NYSE:GMED) Price Target Raised to $92.00 at Stifel Nicolaus

Globus Medical (NYSE:GMED) had its target price lifted by Stifel Nicolaus from $80.00 to $92.00 in a report published on Wednesday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the medical device company’s stock.

A number of other analysts have also weighed in on GMED. Barclays increased their price objective on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Truist Financial boosted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Bank of America upped their target price on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday. 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. Finally, Piper Sandler increased 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $87.09.

Globus Medical Stock Performance

Globus Medical stock traded down $0.31 during mid-day trading on Wednesday, hitting $82.40. 393,329 shares of the company traded hands, compared to its average volume of 995,334. The stock has a fifty day moving average price of $71.92 and a 200-day moving average price of $68.16. The stock has a market cap of $11.16 billion, a price-to-earnings ratio of 275.67, a price-to-earnings-growth ratio of 2.06 and a beta of 1.17. Globus Medical has a one year low of $43.38 and a one year high of $84.87.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The company’s revenue was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.57 earnings per share. Sell-side analysts predict that Globus Medical will post 2.84 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of Globus Medical

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Swedbank AB lifted its position in shares of Globus Medical by 15.4% during the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock valued at $25,684,000 after buying an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. boosted its position in shares of Globus Medical by 17.9% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after purchasing an additional 172,605 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Globus Medical in the first quarter worth $429,000. State Board of Administration of Florida Retirement System raised its position in shares of Globus Medical by 12.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock valued at $4,839,000 after purchasing an additional 9,754 shares during the period. Finally, Sanctuary Advisors LLC purchased a new position in shares of Globus Medical during the 2nd quarter valued at $611,000. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.