Globus Medical (NYSE:GMED) Rating Increased to Overweight at Piper Sandler

Piper Sandler upgraded shares of Globus Medical (NYSE:GMED) from a neutral rating to an overweight rating in a research note issued to investors on Monday morning, Marketbeat reports. They currently have $80.00 target price on the medical device company’s stock, up from their prior target price of $60.00.

GMED has been the subject of several other reports. Needham & Company LLC reissued a hold rating on shares of Globus Medical in a research report on Wednesday, May 8th. Barclays lifted their price objective on Globus Medical from $83.00 to $85.00 and gave the stock an overweight rating in a research report on Thursday, May 9th. BTIG Research lifted their price objective on Globus Medical from $60.00 to $63.00 and gave the stock a buy rating in a research report on Wednesday, May 8th. Stifel Nicolaus lifted their price objective on Globus Medical from $64.00 to $70.00 and gave the stock a buy rating in a research report on Wednesday, May 8th. Finally, Truist Financial lifted their price objective on Globus Medical from $58.00 to $60.00 and gave the stock a hold rating in a research report on Wednesday, February 21st. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus target price of $68.50.

Globus Medical Trading Up 1.0 %

Shares of GMED opened at $67.15 on Monday. The company has a market capitalization of $9.09 billion, a PE ratio of 104.92, a PEG ratio of 1.84 and a beta of 1.11. Globus Medical has a 12 month low of $43.38 and a 12 month high of $67.37. The stock’s 50-day moving average price is $54.53 and its two-hundred day moving average price is $52.52.

Globus Medical (NYSE:GMED) last announced its earnings results 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. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The firm had revenue of $606.67 million for the quarter, compared to the consensus estimate of $586.82 million. During the same period in the previous year, the business earned $0.53 EPS. The business’s quarterly revenue was up 119.3% compared to the same quarter last year. Equities research analysts predict that Globus Medical will post 2.82 EPS for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the business’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $51.99, for a total transaction of $550,574.10. Following the sale, the director now owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Dan Lemaitre sold 63,300 shares of the company’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $64.61, for a total value of $4,089,813.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction on 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 directly owns 17,419 shares in the company, valued at approximately $905,613.81. The disclosure for this sale can be found here. Insiders have sold 93,890 shares of company stock valued at $5,940,387 in the last 90 days. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale bought a new position in Globus Medical in the third quarter valued at $28,000. YHB Investment Advisors Inc. bought a new position in Globus Medical in the first quarter valued at $50,000. Allworth Financial LP increased its stake in Globus Medical by 25.7% in the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after acquiring an additional 254 shares during the last quarter. Mather Group LLC. bought a new position in Globus Medical in the first quarter valued at $69,000. Finally, Nisa Investment Advisors LLC increased its stake in Globus Medical by 122.8% in the third quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company’s stock valued at $74,000 after acquiring an additional 823 shares during the last quarter. 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.