Globus Medical (NYSE:GMED) Price Target Raised to $123.00

Globus Medical (NYSE:GMED) had its price target raised by Barclays from $118.00 to $123.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the medical device company’s stock.

GMED has been the subject of a number of other research reports. Truist Financial reissued a “buy” rating and set a $105.00 target price (up from $93.00) on shares of Globus Medical in a research report on Tuesday, November 18th. TD Cowen raised shares of Globus Medical to a “strong-buy” rating in a research note on Tuesday, January 27th. Royal Bank Of Canada increased their price target on Globus Medical from $92.00 to $100.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Wall Street Zen raised Globus Medical from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 3rd. Finally, Piper Sandler restated an “overweight” rating and issued a $115.00 price target (up from $90.00) on shares of Globus Medical in a research note on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $104.36.

Globus Medical Stock Down 1.4%

Shares of NYSE:GMED opened at $95.39 on Wednesday. The company has a market cap of $12.77 billion, a P/E ratio of 24.21, a P/E/G ratio of 2.24 and a beta of 1.06. The business has a fifty day simple moving average of $90.69 and a 200-day simple moving average of $76.38. Globus Medical has a 52 week low of $51.79 and a 52 week high of $101.40.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.22. The firm had revenue of $826.42 million for the quarter, compared to analyst estimates of $803.29 million. Globus Medical had a return on equity of 12.57% and a net margin of 18.30%.The firm’s quarterly revenue was up 25.7% on a year-over-year basis. During the same period last year, the company earned $0.84 EPS. Sell-side analysts expect that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In related news, Director Leslie V. Norwalk sold 2,000 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $101.10, for a total transaction of $202,200.00. Following the completion of the transaction, the director directly owned 10,419 shares in the company, valued at $1,053,360.90. This represents a 16.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kyle Kline sold 3,594 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $363,353.40. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 54,136 shares of company stock valued at $5,001,033 in the last 90 days. 18.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Globus Medical

A number of institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. grew its holdings in Globus Medical by 98.2% during the fourth quarter. SBI Securities Co. Ltd. now owns 337 shares of the medical device company’s stock worth $29,000 after buying an additional 167 shares in the last quarter. Advisory Services Network LLC bought a new stake in Globus Medical in the 3rd quarter worth about $26,000. EverSource Wealth Advisors LLC increased its stake in 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 buying an additional 197 shares during the last quarter. Advisors Asset Management Inc. purchased a new position in shares of Globus Medical in the 2nd quarter worth approximately $28,000. Finally, Larson Financial Group LLC grew its holdings in shares of Globus Medical by 83.4% in the fourth quarter. Larson Financial Group LLC now owns 532 shares of the medical device company’s stock valued at $46,000 after acquiring an additional 242 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Company Profile

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.