Analysts Set Globus Medical, Inc. (NYSE:GMED) Price Target at $104.36

Globus Medical, Inc. (NYSE:GMED) has been assigned a consensus rating of “Moderate Buy” from the sixteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $104.3636.

A number of analysts have recently commented on GMED shares. Morgan Stanley boosted their target price on shares of Globus Medical from $70.00 to $100.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 2nd. BTIG Research reaffirmed a “neutral” rating on shares of Globus Medical in a research note on Tuesday, December 30th. Canaccord Genuity Group boosted their price objective on Globus Medical from $105.00 to $112.00 and gave the stock a “buy” rating in a research note on Friday, January 9th. TD Cowen upgraded Globus Medical to a “strong-buy” rating in a research report on Tuesday, January 27th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $115.00 price target (up from $90.00) on shares of Globus Medical in a research note on Thursday, January 8th.

Globus Medical Stock Performance

GMED stock opened at $86.38 on Friday. Globus Medical has a one year low of $51.79 and a one year high of $101.40. The firm has a market cap of $11.68 billion, a PE ratio of 21.92, a P/E/G ratio of 2.03 and a beta of 1.05. The firm’s fifty day moving average is $90.27 and its 200 day moving average is $78.96.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, February 24th. The medical device company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.06 by $0.22. The company had revenue of $826.42 million during the quarter, compared to analyst estimates of $803.29 million. Globus Medical had a net margin of 18.30% and a return on equity of 12.57%. The firm’s revenue was up 25.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.84 EPS. Research analysts predict that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

In other news, EVP Kelly Huller sold 20,000 shares of the stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $94.50, for a total value of $1,890,000.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Leslie V. Norwalk sold 2,000 shares of the business’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total value of $202,200.00. Following the transaction, the director directly owned 10,419 shares of the company’s stock, valued at $1,053,360.90. The trade was a 16.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 35,594 shares of company stock valued at $3,332,253. 18.51% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently modified their holdings of GMED. SBI Securities Co. Ltd. increased its holdings in shares of Globus Medical by 98.2% in the 4th quarter. SBI Securities Co. Ltd. now owns 337 shares of the medical device company’s stock valued at $29,000 after acquiring an additional 167 shares during the last quarter. Advisory Services Network LLC purchased a new position in shares of Globus Medical during the third quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its position in shares of Globus Medical by 74.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after purchasing an additional 197 shares during the period. Advisors Asset Management Inc. acquired a new stake in shares of Globus Medical in the second quarter valued at approximately $28,000. Finally, Larson Financial Group LLC raised its holdings in shares of Globus Medical by 83.4% in the fourth quarter. Larson Financial Group LLC now owns 532 shares of the medical device company’s stock valued at $46,000 after buying an additional 242 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

About Globus Medical

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.