Globus Medical’s (GMED) “Hold” Rating Reaffirmed at Needham & Company LLC

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

A number of other brokerages also recently commented on GMED. StockNews.com upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Thursday, March 13th. Stifel Nicolaus raised their price objective on shares of Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Roth Mkm lifted their price objective on Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Barclays increased their target price on Globus Medical from $100.00 to $103.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, Truist Financial upped their price target on shares of Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $97.82.

Globus Medical Stock Up 1.6 %

NYSE GMED opened at $72.16 on Tuesday. The firm has a market cap of $9.93 billion, a P/E ratio of 96.22, a P/E/G ratio of 1.61 and a beta of 1.19. Globus Medical has a 52-week low of $49.33 and a 52-week high of $94.93. The business’s 50-day moving average price is $84.63 and its 200 day moving average price is $79.80.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company had revenue of $657.29 million for the quarter, compared to the consensus estimate of $646.19 million. As a group, analysts anticipate that Globus Medical will post 3.44 earnings per share for the current year.

Insider Buying and Selling at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the company’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a filing with the SEC, which is available through this link. 18.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC purchased a new stake in shares of Globus Medical during the third quarter worth about $523,000. Pathstone Holdings LLC boosted its position in Globus Medical by 2.6% during the third quarter. Pathstone Holdings LLC now owns 41,007 shares of the medical device company’s stock worth $2,934,000 after acquiring an additional 1,055 shares during the last quarter. Segall Bryant & Hamill LLC grew its stake in Globus Medical by 7.2% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 387,737 shares of the medical device company’s stock worth $27,739,000 after acquiring an additional 26,047 shares during the period. Intech Investment Management LLC raised its holdings in Globus Medical by 291.3% in the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after acquiring an additional 15,283 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA purchased a new position in shares of Globus Medical during the 3rd quarter worth $26,406,000. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.