Analysts Set Globus Medical, Inc. (NYSE:GMED) PT at $66.33

Shares of Globus Medical, Inc. (NYSE:GMED) have been given an average rating of “Moderate Buy” by the nine analysts that are presently covering the firm, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month target price among analysts that have covered the stock in the last year is $66.33.

Several equities research analysts have recently commented on the stock. Truist Financial raised their target price on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 target price on shares of Globus Medical in a research report on Thursday, January 11th. Stifel Nicolaus raised their target price on Globus Medical from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, February 21st. Finally, BTIG Research raised Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price target on the stock in a research note on Monday, March 18th.

Insider Activity

In related news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $51.99, for a total value of $550,574.10. Following the transaction, the director now owns 17,419 shares in the company, valued at approximately $905,613.81. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 24.30% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds have recently added to or reduced their stakes in the company. Radnor Capital Management LLC increased its holdings in shares of Globus Medical by 0.7% in the 1st quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock worth $1,561,000 after purchasing an additional 215 shares in the last quarter. Captrust Financial Advisors raised its position in Globus Medical by 0.8% in the 3rd quarter. Captrust Financial Advisors now owns 28,776 shares of the medical device company’s stock worth $1,714,000 after buying an additional 227 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Globus Medical by 3.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock valued at $378,000 after acquiring an additional 244 shares during the period. Allworth Financial LP lifted its stake in Globus Medical by 25.7% during the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after acquiring an additional 254 shares during the period. Finally, Gamco Investors INC. ET AL boosted its holdings in shares of Globus Medical by 5.9% during the 1st quarter. Gamco Investors INC. ET AL now owns 4,622 shares of the medical device company’s stock valued at $341,000 after acquiring an additional 259 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Stock Performance

Globus Medical stock opened at $50.74 on Friday. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. The firm has a market cap of $6.87 billion, a P/E ratio of 43.37, a P/E/G ratio of 1.51 and a beta of 1.08. Globus Medical has a 1-year low of $43.38 and a 1-year high of $62.88. The firm has a 50-day moving average of $53.23 and a 200-day moving average of $51.36.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, February 20th. The medical device company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. The firm had revenue of $616.53 million for the quarter, compared to analyst estimates of $608.21 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business’s quarterly revenue was up 124.6% compared to the same quarter last year. During the same period last year, the company earned $0.59 EPS. Sell-side analysts expect that Globus Medical will post 2.69 EPS for the current year.

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.