Globus Medical (NYSE:GMED) Stock Rating Upgraded by Zacks Research

Globus Medical (NYSE:GMED) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other equities analysts have also recently issued reports on GMED. Stifel Nicolaus initiated coverage on Globus Medical in a report on Tuesday, October 28th. They issued a “hold” rating and a $64.00 target price on the stock. Wall Street Zen raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Saturday. Bank of America upgraded Globus Medical from a “neutral” rating to a “buy” rating and lifted their price target for the company from $65.00 to $91.00 in a report on Friday, November 7th. Truist Financial raised Globus Medical from a “hold” rating to a “buy” rating and lifted their target price for the company from $65.00 to $93.00 in a research note on Friday, November 7th. Finally, Barclays boosted their price objective on shares of Globus Medical from $106.00 to $114.00 and gave the company an “overweight” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $88.82.

Globus Medical Price Performance

Shares of NYSE GMED traded up $0.58 during midday trading on Monday, hitting $85.52. 330,688 shares of the company’s stock were exchanged, compared to its average volume of 1,471,113. Globus Medical has a twelve month low of $51.79 and a twelve month high of $94.93. The firm has a market cap of $11.55 billion, a P/E ratio of 32.89, a PEG ratio of 1.68 and a beta of 1.15. The stock’s 50 day moving average price is $60.84 and its 200-day moving average price is $60.03.

Globus Medical (NYSE:GMED) last issued 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 company had revenue of $769.05 million during the quarter, compared to analyst estimates of $734.58 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The business’s revenue for the quarter 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. On average, analysts expect that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Activity

In related news, Director Ann D. Rhoads sold 10,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the completion of the transaction, the director owned 25,384 shares of the company’s stock, valued at $1,483,948.64. This represents a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 20,000 shares of company stock valued at $1,402,600. Corporate insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several institutional investors have recently added to or reduced their stakes in the company. HB Wealth Management LLC increased its holdings in shares of Globus Medical by 4.7% in the first quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company’s stock worth $278,000 after buying an additional 170 shares during the period. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Globus Medical by 2.8% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,316 shares of the medical device company’s stock worth $375,000 after purchasing an additional 170 shares during the period. Whittier Trust Co. increased its holdings in Globus Medical by 46.5% during the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock valued at $42,000 after purchasing an additional 184 shares during the period. GAMMA Investing LLC grew its position in shares of Globus Medical by 14.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,438 shares of the medical device company’s stock worth $82,000 after buying an additional 184 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Globus Medical by 74.3% in the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock worth $27,000 after acquiring an additional 197 shares during the period. 95.16% of the stock is 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.