Globus Medical (NYSE:GMED) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Globus Medical (NYSE:GMED) had its price target boosted by Wells Fargo & Company from $66.00 to $79.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the medical device company’s stock. Wells Fargo & Company‘s price target indicates a potential downside of 5.94% from the stock’s previous close.

A number of other brokerages have also recently weighed in on GMED. Wall Street Zen cut shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Canaccord Genuity Group lowered their price objective on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, July 22nd. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Monday, July 21st. Bank of America upgraded Globus Medical from a “neutral” rating to a “buy” rating and upped their price target for the stock from $65.00 to $91.00 in a research note on Friday. Finally, Stifel Nicolaus began coverage on Globus Medical in a research report on Tuesday, October 28th. They set a “hold” rating and a $64.00 price target for the company. Nine research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $87.82.

Globus Medical Trading Up 36.1%

GMED stock traded up $22.28 during midday trading on Friday, hitting $83.99. 12,468,141 shares of the company’s stock were exchanged, compared to its average volume of 1,459,207. Globus Medical has a 1-year low of $51.79 and a 1-year high of $94.93. The stock has a market capitalization of $11.34 billion, a PE ratio of 32.31, a P/E/G ratio of 1.68 and a beta of 1.15. The business has a 50-day simple moving average of $59.38 and a two-hundred day simple moving average of $59.91.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Thursday, November 6th. The medical device company reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.39. The business had revenue of $769.05 million during the quarter, compared to analysts’ expectations of $734.58 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.The company’s revenue was up 22.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.83 EPS. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. As a group, research analysts expect that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Activity

In other news, Director Ann D. Rhoads sold 10,000 shares of the business’s stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the transaction, the director directly owned 25,384 shares of the company’s stock, valued at approximately $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 18.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in GMED. Syon Capital LLC acquired a new stake in shares of Globus Medical in the 3rd quarter valued at $261,000. Summitry LLC increased its holdings in Globus Medical by 15.8% in the third quarter. Summitry LLC now owns 6,739 shares of the medical device company’s stock valued at $386,000 after buying an additional 920 shares during the last quarter. State of New Jersey Common Pension Fund D raised its stake in Globus Medical by 2.5% in the third quarter. State of New Jersey Common Pension Fund D now owns 39,035 shares of the medical device company’s stock valued at $2,236,000 after buying an additional 943 shares in the last quarter. Conscious Wealth Investments LLC lifted its holdings in Globus Medical by 5.1% during the 3rd quarter. Conscious Wealth Investments LLC now owns 49,052 shares of the medical device company’s stock worth $2,962,000 after buying an additional 2,364 shares during the last quarter. Finally, HighTower Advisors LLC lifted its holdings in Globus Medical by 4.6% during the 3rd quarter. HighTower Advisors LLC now owns 40,466 shares of the medical device company’s stock worth $2,317,000 after buying an additional 1,782 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.