Bank of America Increases Globus Medical (NYSE:GMED) Price Target to $80.00

Globus Medical (NYSE:GMED) had its price objective increased by research analysts at Bank of America from $55.00 to $80.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “underperform” rating on the medical device company’s stock. Bank of America‘s price objective points to a potential upside of 5.83% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Truist Financial increased their target price on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Barclays upped their target price on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Morgan Stanley boosted their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. BTIG Research lifted their target price on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Finally, Royal Bank of Canada boosted their price target on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a research note on Tuesday, October 8th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Globus Medical presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.00.

Globus Medical Stock Performance

Shares of GMED stock opened at $75.59 on Wednesday. The company has a market capitalization of $10.24 billion, a price-to-earnings ratio of 251.97, a PEG ratio of 2.07 and a beta of 1.17. The stock’s 50 day simple moving average is $71.69 and its 200 day simple moving average is $68.06. Globus Medical has a twelve month low of $43.38 and a twelve month high of $76.13.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS 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 analyst estimates of $604.69 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The company’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.57 earnings per share. On average, analysts forecast that Globus Medical will post 2.84 EPS for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Geneva Capital Management LLC grew its position in shares of Globus Medical by 1.1% during the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock worth $114,330,000 after buying an additional 18,117 shares during the period. Lisanti Capital Growth LLC boosted its stake in Globus Medical by 68.4% in the third quarter. Lisanti Capital Growth LLC now owns 24,915 shares of the medical device company’s stock valued at $1,782,000 after acquiring an additional 10,120 shares during the last quarter. River Global Investors LLP raised its position in shares of Globus Medical by 0.7% during the 3rd quarter. River Global Investors LLP now owns 47,067 shares of the medical device company’s stock valued at $3,366,000 after acquiring an additional 331 shares during the last quarter. Crossmark Global Holdings Inc. lifted its stake in shares of Globus Medical by 6.0% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 7,750 shares of the medical device company’s stock valued at $554,000 after purchasing an additional 436 shares during the period. Finally, Radnor Capital Management LLC bought a new position in shares of Globus Medical in the 3rd quarter worth $2,144,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.