Globus Medical (NYSE:GMED) Stock Price Up 3% – Should You Buy?

Globus Medical, Inc. (NYSE:GMED)’s share price traded up 3% during mid-day trading on Wednesday . The stock traded as high as $86.14 and last traded at $85.92. 274,605 shares changed hands during mid-day trading, a decline of 63% from the average session volume of 750,507 shares. The stock had previously closed at $83.45.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GMED shares. Wells Fargo & Company boosted their price objective on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Piper Sandler increased their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Wednesday, November 6th. BTIG Research increased their price target on Globus Medical from $87.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, December 12th. Finally, Stifel Nicolaus upped their price objective on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $94.55.

Globus Medical Price Performance

The firm has a 50-day moving average price of $82.33 and a two-hundred day moving average price of $74.86. The company has a market capitalization of $11.72 billion, a price-to-earnings ratio of 128.46, a PEG ratio of 1.97 and a beta of 1.19.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 earnings per share. On average, equities analysts predict that Globus Medical, Inc. will post 2.97 EPS for the current year.

Insider Activity at Globus Medical

In other news, SVP Kelly Huller sold 2,500 shares of Globus Medical stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the sale, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 97,500 shares of company stock valued at $7,674,950. 18.54% of the stock is owned by insiders.

Institutional Investors Weigh In On Globus Medical

Several hedge funds have recently added to or reduced their stakes in the business. State Street Corp grew its stake in shares of Globus Medical by 2.3% in the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock valued at $255,450,000 after acquiring an additional 81,371 shares in the last quarter. Burgundy Asset Management Ltd. raised its holdings in Globus Medical by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after acquiring an additional 35,054 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Globus Medical by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock worth $134,893,000 after purchasing an additional 21,935 shares in the last quarter. Magnetar Financial LLC increased its position in shares of Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after purchasing an additional 29,200 shares during the period. Finally, Geneva Capital Management LLC lifted its position in Globus Medical by 1.1% during the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after purchasing an additional 18,117 shares during the period. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.