Globus Medical (NYSE:GMED) Share Price Crosses Above 200-Day Moving Average – What’s Next?

Globus Medical, Inc. (NYSE:GMED)’s stock price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $83.35 and traded as high as $87.38. Globus Medical shares last traded at $87.0360, with a volume of 2,349,740 shares changing hands.

Analysts Set New Price Targets

Several research analysts have commented on GMED shares. Royal Bank Of Canada dropped their price objective on shares of Globus Medical from $115.00 to $85.00 and set an “outperform” rating for the company in a report on Thursday, October 1st. BMO Capital Markets initiated coverage on shares of Globus Medical in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $94.00 price objective on the stock. UBS Group began coverage on shares of Globus Medical in a research note on Tuesday, July 28th. They set a “neutral” rating and a $82.00 price target for the company. Stifel Nicolaus decreased their price target on shares of Globus Medical from $95.00 to $80.00 and set a “hold” rating for the company in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company dropped their price objective on shares of Globus Medical from $103.00 to $99.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $99.46.

Globus Medical Stock Performance

The business’s 50 day moving average is $77.48 and its 200-day moving average is $83.35. The stock has a market cap of $11.69 billion, a price-to-earnings ratio of 22.26, a PEG ratio of 1.28 and a beta of 0.98.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, August 6th. The medical device company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.24. Globus Medical had a net margin of 17.02% and a return on equity of 14.57%. The company had revenue of $789.61 million for the quarter, compared to analysts’ expectations of $782.88 million. During the same quarter in the previous year, the company posted $0.86 EPS. The firm’s quarterly revenue was up 5.9% on a year-over-year basis. Sell-side analysts anticipate that Globus Medical, Inc. will post 4.99 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director James R. Tobin sold 30,000 shares of the stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $74.58, for a total value of $2,237,400.00. Following the completion of the transaction, the director directly owned 15,000 shares in the company, valued at approximately $1,118,700. This represents a 66.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Stephen Zarrilli sold 25,000 shares of the business’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $87.04, for a total transaction of $2,176,000.00. Following the completion of the sale, the director owned 25,000 shares in the company, valued at approximately $2,176,000. This trade represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 18.38% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several hedge funds have recently added to or reduced their stakes in the stock. Elevation Wealth Partners LLC lifted its position in shares of Globus Medical by 2,178.6% during the 2nd quarter. Elevation Wealth Partners LLC now owns 319 shares of the medical device company’s stock worth $25,000 after buying an additional 305 shares during the last quarter. Continuum Advisory LLC acquired a new position in Globus Medical in the 2nd quarter valued at about $25,000. Root Financial Partners LLC purchased a new stake in Globus Medical during the 3rd quarter valued at approximately $29,000. Heritage Family Offices LLP purchased a new stake in shares of Globus Medical during the third quarter worth approximately $31,000. Finally, Summit Securities Group LLC purchased a new position in Globus Medical during the first quarter worth about $48,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

About Globus Medical

Globus Medical, Inc develops and commercializes musculoskeletal solutions for surgeons, hospitals and patients. The company focuses primarily on spinal, orthopedic trauma and other orthopedic procedures, offering implants, instruments and related technologies designed to support surgical treatment and improve clinical outcomes.

Its product portfolio includes spinal implants and enabling technologies, including the ExcelsiusGPS robotic navigation platform and Excelsius3D imaging system.