Needham & Company LLC restated their buy rating on shares of Globus Medical (NYSE:GMED) in a report released on Thursday, AnalystRatings.com reports. The firm currently has a $63.00 target price on the medical device company’s stock.
Other equities research analysts have also issued research reports about the company. Zacks Investment Research upgraded Globus Medical from a sell rating to a hold rating and set a $54.00 price target for the company in a research note on Tuesday, August 6th. Cantor Fitzgerald increased their price target on Globus Medical from $55.00 to $64.00 and gave the stock an overweight rating in a research note on Thursday. ValuEngine upgraded Globus Medical from a hold rating to a buy rating in a research note on Wednesday, September 4th. Finally, Wells Fargo & Co increased their price target on Globus Medical from $42.00 to $53.00 and gave the stock a market perform rating in a research note on Tuesday, October 8th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $58.22.
Shares of NYSE:GMED traded up $0.98 during midday trading on Thursday, hitting $55.72. The company had a trading volume of 585,132 shares, compared to its average volume of 578,325. The company has a market cap of $5.24 billion, a price-to-earnings ratio of 33.37, a PEG ratio of 2.74 and a beta of 0.95. Globus Medical has a 12-month low of $38.01 and a 12-month high of $56.34. The company has a fifty day moving average of $51.06 and a two-hundred day moving average of $46.42.
Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Wednesday, November 6th. The medical device company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.42 by $0.01. The firm had revenue of $196.22 million during the quarter, compared to analyst estimates of $185.86 million. Globus Medical had a return on equity of 13.29% and a net margin of 19.30%. Globus Medical’s revenue was up 15.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS. On average, equities analysts expect that Globus Medical will post 1.71 earnings per share for the current year.
In other news, SVP Kelly Huller sold 3,000 shares of the firm’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $52.90, for a total transaction of $158,700.00. Following the completion of the transaction, the senior vice president now owns 6,384 shares in the company, valued at $337,713.60. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David D. Davidar sold 50,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $49.33, for a total value of $2,466,500.00. Following the transaction, the director now owns 754,775 shares of the company’s stock, valued at approximately $37,233,050.75. The disclosure for this sale can be found here. Corporate insiders own 24.97% of the company’s stock.
Several institutional investors have recently modified their holdings of GMED. Financial Gravity Wealth Inc. purchased a new position in shares of Globus Medical during the second quarter valued at about $25,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Globus Medical during the second quarter valued at about $26,000. Advisory Services Network LLC grew its position in shares of Globus Medical by 620.0% during the second quarter. Advisory Services Network LLC now owns 792 shares of the medical device company’s stock valued at $34,000 after purchasing an additional 682 shares in the last quarter. Oakworth Capital Inc. purchased a new position in shares of Globus Medical during the second quarter valued at about $38,000. Finally, Quest Capital Management Inc. ADV purchased a new position in shares of Globus Medical during the third quarter valued at about $45,000. Hedge funds and other institutional investors own 68.00% 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 a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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