Globus Medical (NYSE:GMED) Price Target Raised to $79.00 at Wells Fargo & Company

Globus Medical (NYSE:GMED) had its price objective raised by Wells Fargo & Company from $66.00 to $79.00 in a research report report published on Friday,Benzinga reports. The firm currently has an overweight rating on the medical device company’s stock.

Several other research analysts have also weighed in on GMED. Royal Bank Of Canada boosted their price target on Globus Medical from $88.00 to $92.00 and gave the stock an “outperform” rating in a research report on Friday. Stifel Nicolaus assumed coverage on shares of Globus Medical in a report on Tuesday, October 28th. They set a “hold” rating and a $64.00 target price on the stock. Morgan Stanley dropped their target price on shares of Globus Medical from $75.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, July 15th. Canaccord Genuity Group decreased their price target on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Finally, Wall Street Zen downgraded Globus Medical from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Nine analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.82.

Globus Medical Price Performance

GMED stock traded up $22.28 during midday trading on Friday, hitting $83.99. The company’s stock had a trading volume of 12,468,141 shares, compared to its average volume of 1,459,207. The company’s fifty day moving average price is $59.83 and its 200 day moving average price is $60.01. Globus Medical has a twelve month low of $51.79 and a twelve month high of $94.93. The stock has a market capitalization of $11.34 billion, a P/E ratio of 32.31, a PEG ratio of 1.68 and a beta of 1.15.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, November 6th. The medical device company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.39. The company had revenue of $769.05 million during the quarter, compared to analysts’ expectations of $734.58 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.Globus Medical’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.83 EPS. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. Equities analysts expect that Globus Medical will post 3.44 EPS for the current fiscal year.

Insider Activity at Globus Medical

In other news, Director Ann D. Rhoads sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the sale, the director owned 25,384 shares in the company, valued at $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 18.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. HB Wealth Management LLC increased its holdings in Globus Medical by 4.7% during 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 last quarter. Wealth Enhancement Advisory Services LLC increased its position 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 valued at $375,000 after buying an additional 170 shares during the period. Whittier Trust Co. increased its holdings in shares of Globus Medical by 46.5% in the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock worth $42,000 after purchasing an additional 184 shares during the period. GAMMA Investing LLC raised its holdings 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 valued at $82,000 after acquiring an additional 184 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Globus Medical by 74.3% during the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock worth $27,000 after purchasing an additional 197 shares in the last quarter. 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.