Globus Medical (NYSE:GMED) had its price target hoisted by Morgan Stanley from $58.00 to $60.00 in a research report report published on Thursday, August 2nd. They currently have an overweight rating on the medical device company’s stock.
A number of other brokerages also recently commented on GMED. Needham & Company LLC raised shares of Globus Medical from a hold rating to a buy rating and set a $57.00 price objective on the stock in a research report on Wednesday, April 4th. They noted that the move was a valuation call. BTIG Research restated a neutral rating and issued a $37.00 target price on shares of Globus Medical in a report on Monday, April 16th. Zacks Investment Research upgraded shares of Globus Medical from a hold rating to a buy rating and set a $59.00 target price for the company in a report on Tuesday, April 24th. ValuEngine upgraded shares of Globus Medical from a buy rating to a strong-buy rating in a report on Thursday, April 26th. Finally, Oppenheimer set a $52.00 target price on shares of Globus Medical and gave the company a hold rating in a report on Thursday, May 3rd. Two research analysts have rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $54.55.
Shares of Globus Medical traded down $0.06, reaching $52.35, on Thursday, MarketBeat reports. The company had a trading volume of 748,681 shares, compared to its average volume of 519,690. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of 39.96, a price-to-earnings-growth ratio of 2.68 and a beta of 0.57. Globus Medical has a 52-week low of $27.79 and a 52-week high of $57.55.
Globus Medical (NYSE:GMED) last released its quarterly earnings results on Wednesday, August 1st. The medical device company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.09. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. The business had revenue of $173.40 million for the quarter, compared to the consensus estimate of $168.03 million. During the same period in the previous year, the firm earned $0.32 EPS. The business’s revenue was up 13.8% on a year-over-year basis. equities research analysts forecast that Globus Medical will post 1.55 earnings per share for the current year.
In other Globus Medical news, CAO Steven Payne sold 20,771 shares of the firm’s stock in a transaction dated Thursday, May 31st. The shares were sold at an average price of $55.81, for a total transaction of $1,159,229.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Eric Schwartz sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 25th. The shares were sold at an average price of $53.79, for a total transaction of $537,900.00. Following the transaction, the vice president now owns 10,000 shares of the company’s stock, valued at $537,900. The disclosure for this sale can be found here. Insiders sold a total of 159,279 shares of company stock valued at $8,889,746 in the last quarter. Insiders own 28.44% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Moneta Group Investment Advisors LLC bought a new stake in shares of Globus Medical in the first quarter worth $106,000. Thompson Davis & CO. Inc. increased its stake in shares of Globus Medical by 1,820.0% in the first quarter. Thompson Davis & CO. Inc. now owns 2,400 shares of the medical device company’s stock worth $120,000 after buying an additional 2,275 shares during the last quarter. NumerixS Investment Technologies Inc bought a new stake in Globus Medical during the second quarter valued at $125,000. C M Bidwell & Associates Ltd. bought a new stake in Globus Medical during the first quarter valued at $126,000. Finally, Smithfield Trust Co. increased its stake in Globus Medical by 3,711.1% during the first quarter. Smithfield Trust Co. now owns 3,430 shares of the medical device company’s stock valued at $171,000 after purchasing an additional 3,340 shares during the last quarter. Institutional investors own 62.62% of the company’s stock.
Globus Medical Company Profile
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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