GSA Capital Partners LLP Takes Position in Globus Medical, Inc. (NYSE:GMED)
GSA Capital Partners LLP acquired a new position in shares of Globus Medical, Inc. (NYSE:GMED) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 5,756 shares of the medical device company’s stock, valued at approximately $285,000.
Other hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. grew its holdings in Globus Medical by 115.0% in the third quarter. Envestnet Asset Management Inc. now owns 95,999 shares of the medical device company’s stock worth $4,754,000 after purchasing an additional 51,356 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Globus Medical by 19.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,311 shares of the medical device company’s stock worth $397,000 after purchasing an additional 1,377 shares in the last quarter. Boston Trust Walden Corp grew its stake in Globus Medical by 4.6% during the 3rd quarter. Boston Trust Walden Corp now owns 505,161 shares of the medical device company’s stock worth $25,016,000 after buying an additional 22,152 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its position in Globus Medical by 7.3% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 22,564 shares of the medical device company’s stock valued at $1,077,000 after buying an additional 1,540 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its stake in Globus Medical by 44.2% in the second quarter. State Board of Administration of Florida Retirement System now owns 89,408 shares of the medical device company’s stock valued at $4,266,000 after buying an additional 27,408 shares during the last quarter. 66.58% of the stock is currently owned by institutional investors.
NYSE:GMED opened at $57.83 on Friday. Globus Medical, Inc. has a 52 week low of $33.41 and a 52 week high of $60.15. The stock’s 50-day moving average price is $53.85 and its 200-day moving average price is $51.71. The stock has a market capitalization of $5.71 billion, a PE ratio of 62.86, a price-to-earnings-growth ratio of 3.69 and a beta of 0.95.
Several brokerages recently commented on GMED. Stifel Nicolaus started coverage on shares of Globus Medical in a research report on Monday, October 19th. They issued a “hold” rating and a $56.00 price objective for the company. Wells Fargo & Company lifted their price objective on shares of Globus Medical from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Northland Securities raised Globus Medical from a “market perform” rating to an “outperform” rating and set a $65.00 target price on the stock in a research report on Thursday, August 6th. SVB Leerink raised their target price on Globus Medical from $56.00 to $64.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Finally, Canaccord Genuity boosted their price target on Globus Medical from $56.00 to $60.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $60.00.
In related news, Director James R. Tobin sold 5,600 shares of Globus Medical stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $56.85, for a total value of $318,360.00. Following the sale, the director now directly owns 5,600 shares in the company, valued at approximately $318,360. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robert Andrew Douglas acquired 615 shares of the business’s stock in a transaction on Monday, August 24th. The shares were purchased at an average price of $53.88 per share, with a total value of $33,136.20. Following the completion of the purchase, the director now owns 2,005 shares in the company, valued at approximately $108,029.40. The disclosure for this purchase can be found here. 25.63% of the stock is currently owned by company insiders.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the development and commercialization of implants that heal patients with musculoskeletal disorders. Its spine product portfolio includes a range of implant and surgical approach options that can be used to treat degenerative, deformity, tumor, and trauma conditions affecting the spine from the occiput to the sacrum.
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