Raymond James Trust N.A. Acquires Shares of 2,867 Globus Medical, Inc. (NYSE:GMED)

Raymond James Trust N.A. bought a new position in shares of Globus Medical, Inc. (NYSE:GMED) during the third quarter, according to its most recent filing with the SEC. The fund bought 2,867 shares of the medical device company’s stock, valued at approximately $205,000.

Other hedge funds also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in Globus Medical in the third quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Globus Medical during the 2nd quarter valued at $33,000. Farther Finance Advisors LLC grew its stake in shares of Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after acquiring an additional 385 shares during the period. GAMMA Investing LLC increased its holdings in Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after acquiring an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Globus Medical in the 2nd quarter valued at about $52,000. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Trading Up 0.9 %

Shares of Globus Medical stock opened at $85.29 on Friday. The firm has a market capitalization of $11.61 billion, a PE ratio of 127.30, a price-to-earnings-growth ratio of 2.02 and a beta of 1.17. Globus Medical, Inc. has a 12 month low of $44.02 and a 12 month high of $85.74. The business’s 50-day moving average price is $75.96 and its 200-day moving average price is $71.37.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business’s quarterly revenue was up 63.1% on a year-over-year basis. During the same period last year, the business earned $0.57 earnings per share. As a group, analysts predict that Globus Medical, Inc. will post 2.98 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. BTIG Research boosted their price target on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Truist Financial lifted their price target on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada raised their target price on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Bank of America increased their price target on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, November 6th. Finally, StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $88.18.

Insiders Place Their Bets

In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock valued at $8,512,850 over the last three months. Insiders own 18.54% 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.