Globus Medical (NYSE:GMED) Upgraded by Bank of America to Neutral Rating

Bank of America upgraded shares of Globus Medical (NYSE:GMED) from an underperform rating to a neutral rating in a research note published on Thursday morning,Benzinga reports. They currently have $97.00 target price on the medical device company’s stock, up from their prior target price of $80.00.

Several other equities analysts have also recently commented on GMED. Stifel Nicolaus boosted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research note on Thursday. Piper Sandler boosted their price target on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Finally, Truist Financial raised their price objective on shares of Globus Medical from $85.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $96.09.

Globus Medical Stock Up 3.5 %

GMED opened at $86.34 on Thursday. The firm has a market capitalization 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 12-month low of $49.33 and a 12-month high of $87.22. The stock has a fifty day moving average of $82.81 and a 200-day moving average of $75.02.

Globus Medical (NYSE:GMED) last issued 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. The company had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm’s quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 EPS. On average, analysts expect that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares in the company, valued at $40,242,076. The trade was a 5.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, 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. In the last three months, insiders sold 97,500 shares of company stock valued at $7,674,950. Company insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several large investors have recently bought and sold shares of GMED. V Square Quantitative Management LLC acquired a new stake in Globus Medical in the 3rd quarter worth $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in Globus Medical during the second quarter worth about $33,000. Quarry LP increased its stake in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after acquiring an additional 433 shares during the period. Farther Finance Advisors LLC increased its stake in Globus Medical by 230.5% during the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after acquiring an additional 385 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Globus Medical by 40.7% in the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock valued at $64,000 after acquiring an additional 257 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.