Globus Medical (NYSE:GMED) Price Target Increased to $63.00 by Analysts at BTIG Research

Globus Medical (NYSE:GMED) had its price objective hoisted by BTIG Research from $60.00 to $63.00 in a research note released on Wednesday, Benzinga reports. BTIG Research currently has a buy rating on the medical device company’s stock.

Other equities research analysts have also issued research reports about the company. Royal Bank of Canada reaffirmed an outperform rating and set a $70.00 price target on shares of Globus Medical in a research report on Thursday, January 11th. Needham & Company LLC reaffirmed a hold rating on shares of Globus Medical in a research report on Wednesday. Truist Financial raised their price target on Globus Medical from $58.00 to $60.00 and gave the stock a hold rating in a research report on Wednesday, February 21st. Finally, Stifel Nicolaus raised their price target on Globus Medical from $64.00 to $70.00 and gave the stock a buy rating in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of $66.50.

Globus Medical Trading Up 4.3 %

Globus Medical stock traded up $2.67 during mid-day trading on Wednesday, hitting $64.40. The stock had a trading volume of 2,366,968 shares, compared to its average volume of 1,187,162. The stock has a 50-day simple moving average of $52.50 and a two-hundred day simple moving average of $51.26. The stock has a market capitalization of $8.72 billion, a PE ratio of 53.03, a P/E/G ratio of 1.53 and a beta of 1.11. Globus Medical has a 12 month low of $43.38 and a 12 month high of $65.74. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The firm had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. During the same quarter last year, the business earned $0.53 earnings per share. The company’s revenue was up 119.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Globus Medical will post 2.69 EPS for the current year.

Insider Buying and Selling at Globus Medical

In related news, Director Leslie V. Norwalk sold 10,590 shares of Globus Medical stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the sale, the director now directly owns 17,419 shares in the company, valued at $905,613.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 24.30% of the company’s stock.

Institutional Trading of Globus Medical

Several hedge funds have recently made changes to their positions in GMED. Vanguard Group Inc. grew its position in shares of Globus Medical by 49.7% in the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after purchasing an additional 3,732,959 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Globus Medical by 16.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock worth $53,873,000 after buying an additional 141,492 shares in the last quarter. SG Americas Securities LLC grew its position in Globus Medical by 854.5% during the fourth quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock worth $8,544,000 after buying an additional 143,540 shares in the last quarter. Leeward Investments LLC MA grew its position in Globus Medical by 14.5% during the fourth quarter. Leeward Investments LLC MA now owns 174,141 shares of the medical device company’s stock worth $9,280,000 after buying an additional 22,022 shares in the last quarter. Finally, Sector Gamma AS purchased a new position in Globus Medical during the third quarter worth about $11,014,000. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Company Profile

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.