Globus Medical (NYSE:GMED) Rating Increased to Buy at Needham & Company LLC

Needham & Company LLC upgraded shares of Globus Medical (NYSE:GMED) from a hold rating to a buy rating in a report published on Friday morning, Marketbeat.com reports. The brokerage currently has $112.00 price objective on the medical device company’s stock.

Other equities research analysts have also issued research reports about the company. Truist Financial reaffirmed a “buy” rating and issued a $105.00 price target (up previously from $93.00) on shares of Globus Medical in a research report on Tuesday, November 18th. Wall Street Zen upgraded shares of Globus Medical from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 3rd. Bank of America upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $65.00 to $91.00 in a research note on Friday, November 7th. Wells Fargo & Company increased their price objective on shares of Globus Medical from $66.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Finally, Citigroup restated a “market perform” rating on shares of Globus Medical in a report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and a consensus target price of $100.18.

Globus Medical Stock Up 0.5%

Shares of GMED opened at $90.71 on Friday. The company has a market cap of $12.14 billion, a P/E ratio of 29.26, a PEG ratio of 1.34 and a beta of 1.06. Globus Medical has a fifty-two week low of $51.79 and a fifty-two week high of $101.40. The firm’s 50 day moving average price is $90.07 and its 200 day moving average price is $71.45.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, topping the consensus estimate of $0.79 by $0.39. Globus Medical had a net margin of 15.30% and a return on equity of 11.52%. The business had revenue of $769.05 million during the quarter, compared to the consensus estimate of $734.58 million. During the same quarter in the previous year, the firm posted $0.83 earnings per share. The company’s quarterly revenue was up 22.9% compared to the same quarter last year. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. Research analysts forecast that Globus Medical will post 3.44 earnings per share for the current year.

Insider Transactions at Globus Medical

In other Globus Medical news, Director David D. Davidar sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, November 12th. The stock was sold at an average price of $86.00, for a total transaction of $2,150,000.00. Following the transaction, the director owned 516,275 shares of the company’s stock, valued at approximately $44,399,650. This trade represents a 4.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ann D. Rhoads sold 8,000 shares of Globus Medical stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $81.00, for a total value of $648,000.00. Following the sale, the director owned 17,384 shares in the company, valued at $1,408,104. This trade represents a 31.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 91,636 shares of company stock worth $7,984,583. Insiders own 18.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GMED. Advisory Services Network LLC acquired a new stake in shares of Globus Medical in the third quarter valued at approximately $26,000. EverSource Wealth Advisors LLC increased its holdings in shares of Globus Medical by 74.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after acquiring an additional 197 shares during the period. Advisors Asset Management Inc. purchased a new stake in Globus Medical in the 2nd quarter valued at $28,000. First Horizon Corp acquired a new stake in Globus Medical during the 3rd quarter worth $31,000. Finally, Parallel Advisors LLC grew its position in Globus Medical by 45.1% during the 3rd quarter. Parallel Advisors LLC now owns 557 shares of the medical device company’s stock worth $32,000 after purchasing an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

About Globus Medical

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.