Barclays Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price target upped by stock analysts at Barclays from $100.00 to $103.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the medical device company’s stock. Barclays‘s price target indicates a potential upside of 28.06% from the company’s previous close.

GMED has been the subject of a number of other reports. Royal Bank of Canada lifted their target price on shares of Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. StockNews.com raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Friday, February 14th. Wells Fargo & Company reduced their price target on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Friday. Finally, Stifel Nicolaus lifted their target price on shares of Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a report on Friday. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.82.

Globus Medical Price Performance

GMED stock opened at $80.43 on Monday. The company has a market capitalization of $10.95 billion, a PE ratio of 107.24, a P/E/G ratio of 1.61 and a beta of 1.19. Globus Medical has a 12 month low of $49.33 and a 12 month high of $94.93. The firm’s 50-day moving average is $86.72 and its 200 day moving average is $79.16.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. Sell-side analysts forecast that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Activity

In related news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction dated 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. Corporate insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

A number of large investors have recently made changes to their positions in GMED. Creative Planning boosted its holdings in Globus Medical by 5.1% in the third quarter. Creative Planning now owns 6,471 shares of the medical device company’s stock valued at $463,000 after purchasing an additional 314 shares in the last quarter. Private Advisor Group LLC boosted its holdings in Globus Medical by 16.4% in the third quarter. Private Advisor Group LLC now owns 4,236 shares of the medical device company’s stock valued at $303,000 after purchasing an additional 598 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Globus Medical by 7,318.2% in the third quarter. International Assets Investment Management LLC now owns 56,230 shares of the medical device company’s stock valued at $40,230,000 after purchasing an additional 55,472 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Globus Medical by 3.0% in the third quarter. Assenagon Asset Management S.A. now owns 54,023 shares of the medical device company’s stock valued at $3,865,000 after purchasing an additional 1,558 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Globus Medical by 2.5% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after acquiring an additional 140 shares during the period. 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.