Globus Medical (NYSE:GMED) Stock Rating Upgraded by Wells Fargo & Company

Globus Medical (NYSE:GMED) was upgraded by equities researchers at Wells Fargo & Company to a “strong-buy” rating in a report issued on Wednesday,Zacks.com reports.

A number of other brokerages also recently issued reports on GMED. Piper Sandler reaffirmed an “overweight” rating and set a $115.00 price target (up from $90.00) on shares of Globus Medical in a report on Thursday, January 8th. Zacks Research raised shares of Globus Medical from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Canaccord Genuity Group increased their price objective on shares of Globus Medical from $105.00 to $112.00 and gave the company a “buy” rating in a research report on Friday, January 9th. BTIG Research restated a “neutral” rating on shares of Globus Medical in a report on Tuesday, December 30th. Finally, Wall Street Zen raised shares of Globus Medical from a “buy” rating to a “strong-buy” rating in a research report on Saturday, January 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and an average target price of $104.36.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $86.69 on Wednesday. Globus Medical has a 1 year low of $51.79 and a 1 year high of $101.40. The company has a market cap of $11.72 billion, a P/E ratio of 22.00, a PEG ratio of 2.06 and a beta of 1.05. The stock’s fifty day moving average price is $90.43 and its 200-day moving average price is $78.91.

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

Insider Buying and Selling

In other Globus Medical news, Director Leslie V. Norwalk sold 2,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 10,419 shares in the company, valued at approximately $1,053,360.90. This trade represents a 16.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kelly Huller sold 20,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $94.50, for a total transaction of $1,890,000.00. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 35,594 shares of company stock valued at $3,332,253. 18.51% of the stock is owned by corporate insiders.

Institutional Trading of Globus Medical

Several institutional investors and hedge funds have recently modified their holdings of GMED. Advisory Services Network LLC purchased a new position in shares of Globus Medical during the 3rd quarter valued at $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 worth $27,000 after buying an additional 197 shares in the last quarter. Advisors Asset Management Inc. purchased a new stake in Globus Medical in the 2nd quarter worth $28,000. SBI Securities Co. Ltd. raised 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 valued at $29,000 after acquiring an additional 167 shares during the period. Finally, First Horizon Corp bought a new stake in Globus Medical during the third quarter valued at about $31,000. 95.16% of the stock is currently 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.