Globus Medical (GMED) Upgraded by Wells Fargo & Company to Outperform
Globus Medical (NYSE:GMED) was upgraded by investment analysts at Wells Fargo & Company from a “market perform” rating to an “outperform” rating in a research report issued on Monday.
Several other analysts have also recently issued reports on GMED. Barclays reiterated an “underweight” rating and set a $28.00 target price (down previously from $30.00) on shares of Globus Medical in a research report on Wednesday, August 9th. Canaccord Genuity reiterated a “buy” rating and set a $37.00 target price on shares of Globus Medical in a research report on Friday, August 18th. BidaskClub cut Globus Medical from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 26th. Zacks Investment Research upgraded Globus Medical from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Finally, Oppenheimer restated a “hold” rating on shares of Globus Medical in a report on Wednesday, August 30th. One research analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $35.00.
Shares of Globus Medical (NYSE:GMED) opened at $37.62 on Monday. Globus Medical has a 1 year low of $21.64 and a 1 year high of $38.85. The stock has a market capitalization of $3,625.67, a PE ratio of 30.10, a P/E/G ratio of 2.93 and a beta of 0.58.
In other Globus Medical news, insider A Brett Murphy sold 51,449 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $35.00, for a total transaction of $1,800,715.00. Following the completion of the transaction, the insider now owns 49,768 shares in the company, valued at approximately $1,741,880. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 28.21% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. grew its holdings in Globus Medical by 1.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after buying an additional 35 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Globus Medical by 18.9% in the 2nd quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock valued at $105,000 after purchasing an additional 503 shares during the last quarter. Advisor Group Inc. lifted its stake in shares of Globus Medical by 2.0% in the 2nd quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after purchasing an additional 68 shares during the last quarter. Turner Investments LLC bought a new stake in shares of Globus Medical in the 2nd quarter valued at approximately $166,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Globus Medical in the 3rd quarter valued at approximately $177,000. Institutional investors and hedge funds own 72.20% of the company’s stock.
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About Globus Medical
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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