Globus Medical (NYSE:GMED) Price Target Raised to $70.00 at Stifel Nicolaus

Globus Medical (NYSE:GMED) had its price target increased by research analysts at Stifel Nicolaus from $64.00 to $70.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the medical device company’s stock. Stifel Nicolaus’ price target indicates a potential upside of 10.76% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. BTIG Research upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price target for the company in a research note on Monday, March 18th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday. Truist Financial lifted their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Globus Medical Trading Up 23.1 %

NYSE:GMED traded up $11.84 during trading hours on Wednesday, hitting $63.20. 2,360,412 shares of the company were exchanged, compared to its average volume of 1,121,353. The company has a fifty day simple moving average of $52.36 and a 200 day simple moving average of $51.19. Globus Medical has a one year low of $43.38 and a one year high of $64.73. The stock has a market capitalization of $8.56 billion, a price-to-earnings ratio of 54.19, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. The company had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The company’s quarterly revenue was up 119.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.53 EPS. Sell-side analysts expect that Globus Medical will post 2.69 EPS for the current fiscal year.

Insider Activity at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the completion of the transaction, the director now owns 17,419 shares of the company’s stock, valued at $905,613.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 24.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Globus Medical by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 11,277,722 shares of the medical device company’s stock worth $600,990,000 after buying an additional 32,220 shares in the last quarter. Nuance Investments LLC raised its position in Globus Medical by 36.8% in the 3rd quarter. Nuance Investments LLC now owns 3,620,518 shares of the medical device company’s stock worth $179,759,000 after buying an additional 974,693 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Globus Medical by 3.8% during the 1st quarter. Bank of New York Mellon Corp now owns 3,016,702 shares of the medical device company’s stock valued at $161,816,000 after acquiring an additional 110,912 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Globus Medical by 9.5% in the fourth quarter. Wellington Management Group LLP now owns 2,912,454 shares of the medical device company’s stock worth $155,205,000 after acquiring an additional 252,510 shares during the period. Finally, William Blair Investment Management LLC raised its holdings in shares of Globus Medical by 1.9% during the third quarter. William Blair Investment Management LLC now owns 2,316,372 shares of the medical device company’s stock valued at $115,008,000 after purchasing an additional 43,187 shares during the last quarter. 95.16% of the stock is owned by institutional investors.

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.