Globus Medical (NYSE:GMED) Earns Hold Rating from Needham & Company LLC

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

GMED has been the subject of a number of other research reports. Piper Sandler upped their target price on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Roth Mkm increased their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the company a “buy” rating in a report on Tuesday, December 17th. Morgan Stanley raised Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $83.00 to $100.00 in a report on Monday, December 2nd. Bank of America increased their price target on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group raised their price target on Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a report on Monday, December 9th. One analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $94.55.

Globus Medical Price Performance

GMED opened at $86.34 on Thursday. The company has a 50 day simple moving average of $82.56 and a two-hundred day simple moving average of $74.94. The firm has a market cap of $11.76 billion, a P/E ratio of 128.87, a PEG ratio of 1.97 and a beta of 1.19. Globus Medical has a 1-year low of $49.33 and a 1-year high of $87.22.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same quarter in the previous year, the company earned $0.57 EPS. Globus Medical’s revenue for the quarter was up 63.1% on a year-over-year basis. Equities analysts anticipate that Globus Medical will post 2.97 earnings per share for the current year.

Insider Activity at Globus Medical

In other news, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction 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. In the last 90 days, insiders have sold 97,500 shares of company stock worth $7,674,950. Company insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp grew its stake in 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 purchasing an additional 81,371 shares during the last quarter. Burgundy Asset Management Ltd. raised its stake in shares of Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock worth $172,245,000 after acquiring an additional 35,054 shares in the last quarter. Geode Capital Management LLC lifted its position in Globus Medical by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company’s stock valued at $134,893,000 after acquiring an additional 21,935 shares during the last quarter. Magnetar Financial LLC boosted its stake in 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 valued at $117,699,000 after acquiring an additional 29,200 shares in the last quarter. Finally, Geneva Capital Management LLC grew its holdings in Globus Medical by 1.1% in 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 last quarter. Institutional investors 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.