Globus Medical (NYSE:GMED) Price Target Increased to $70.00 by Analysts at Stifel Nicolaus

Globus Medical (NYSE:GMED) had its target price upped by Stifel Nicolaus from $64.00 to $70.00 in a report released on Wednesday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the medical device company’s stock.

Other equities analysts have also recently issued research reports about the stock. BTIG Research upgraded shares of Globus Medical from a neutral rating to a buy rating and set a $60.00 price objective on the stock in a research report on Monday, March 18th. Royal Bank of Canada reiterated an outperform rating and issued a $70.00 target price on shares of Globus Medical in a research note on Thursday, January 11th. Truist Financial lifted their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock a hold rating in a research note on Wednesday, February 21st. Finally, Needham & Company LLC restated a hold rating on shares of Globus Medical in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $66.60.

Globus Medical Stock Performance

Shares of GMED stock traded up $0.28 during trading hours on Wednesday, hitting $62.01. 344,320 shares of the company were exchanged, compared to its average volume of 1,163,810. The firm has a fifty day simple moving average of $52.50 and a 200 day simple moving average of $51.26. The stock has a market capitalization of $8.39 billion, a price-to-earnings ratio of 52.66, a P/E/G ratio of 1.53 and a beta of 1.11. Globus Medical has a 52-week low of $43.38 and a 52-week 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 released its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.55 by $0.17. The company had revenue of $606.67 million during the quarter, compared to the consensus estimate of $586.82 million. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. Globus Medical’s revenue for the quarter was up 119.3% on a year-over-year basis. During the same period last year, the firm earned $0.53 EPS. Research analysts predict that Globus Medical will post 2.69 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

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

Institutional Trading of Globus Medical

Several large investors have recently made changes to their positions in GMED. Commonwealth Equity Services LLC grew its stake in shares of Globus Medical by 75.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 10,424 shares of the medical device company’s stock valued at $518,000 after buying an additional 4,476 shares during the period. New York State Teachers Retirement System grew its position in Globus Medical by 61.2% in the 3rd quarter. New York State Teachers Retirement System now owns 90,974 shares of the medical device company’s stock valued at $4,517,000 after acquiring an additional 34,522 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Globus Medical by 52.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,993 shares of the medical device company’s stock worth $1,191,000 after buying an additional 8,206 shares during the period. Advisor Partners II LLC acquired a new position in Globus Medical during the 3rd quarter worth $441,000. Finally, Park Avenue Securities LLC purchased a new position in Globus Medical in the third quarter worth approximately $331,000. 95.16% of the stock is currently owned by hedge funds and other 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.