Wells Fargo & Company Lowers Globus Medical (NYSE:GMED) Price Target to $93.00

Globus Medical (NYSE:GMED) had its price target cut by analysts at Wells Fargo & Company from $95.00 to $93.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the medical device company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 15.48% from the company’s previous close.

GMED has been the topic of a number of other research reports. Bank of America raised shares of Globus Medical from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. Roth Mkm raised their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a report on Tuesday, December 17th. Stifel Nicolaus raised their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Piper Sandler raised their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Friday. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $96.73.

Globus Medical Stock Down 4.3 %

Shares of Globus Medical stock opened at $80.53 on Friday. Globus Medical has a 52-week low of $49.33 and a 52-week high of $94.93. The company has a 50 day moving average of $86.76 and a 200 day moving average of $78.94. The company has a market capitalization of $10.97 billion, a P/E ratio of 123.49, a P/E/G ratio of 1.60 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. As a group, research analysts anticipate that Globus Medical will post 2.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Globus Medical

Several institutional investors have recently made changes to their positions in GMED. Creative Planning boosted its position in shares of Globus Medical by 5.1% during the 3rd quarter. Creative Planning now owns 6,471 shares of the medical device company’s stock worth $463,000 after purchasing an additional 314 shares in the last quarter. Raymond James & Associates boosted its position in shares of Globus Medical by 8.5% in the 3rd quarter. Raymond James & Associates now owns 299,294 shares of the medical device company’s stock worth $21,411,000 after buying an additional 23,349 shares in the last quarter. Private Advisor Group LLC boosted its position in shares of Globus Medical by 16.4% in the 3rd quarter. Private Advisor Group LLC now owns 4,236 shares of the medical device company’s stock worth $303,000 after buying an additional 598 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Globus Medical by 7,318.2% in the 3rd quarter. International Assets Investment Management LLC now owns 56,230 shares of the medical device company’s stock worth $40,230,000 after buying an additional 55,472 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Globus Medical by 3.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 54,023 shares of the medical device company’s stock worth $3,865,000 after buying an additional 1,558 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.