Globus Medical (NYSE:GMED) had its price target increased by investment analysts at Cantor Fitzgerald from $55.00 to $64.00 in a report released on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the medical device company’s stock. Cantor Fitzgerald’s price objective points to a potential upside of 14.86% from the stock’s previous close.
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A number of other equities research analysts have also recently commented on GMED. Needham & Company LLC restated a “buy” rating and set a $56.00 target price (up previously from $52.00) on shares of Globus Medical in a research note on Friday, August 2nd. Wells Fargo & Co raised their target price on shares of Globus Medical from $42.00 to $53.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 8th. ValuEngine upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Finally, Zacks Investment Research upgraded shares of Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 target price on the stock in a research note on Tuesday, August 6th. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Globus Medical presently has an average rating of “Buy” and an average price target of $58.22.
NYSE GMED traded up $0.98 on Thursday, reaching $55.72. 585,132 shares of the stock were exchanged, compared to its average volume of 578,325. Globus Medical has a one year low of $38.01 and a one year high of $56.34. The firm has a market capitalization of $5.24 billion, a PE ratio of 33.37, a PEG ratio of 2.74 and a beta of 0.95. The company’s 50-day simple moving average is $51.06 and its two-hundred day simple moving average is $46.42.
Globus Medical (NYSE:GMED) last released its earnings results on Wednesday, November 6th. The medical device company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. Globus Medical had a net margin of 19.30% and a return on equity of 13.29%. The company had revenue of $196.22 million for the quarter, compared to analysts’ expectations of $185.86 million. During the same quarter last year, the business earned $0.39 EPS. The firm’s revenue was up 15.9% compared to the same quarter last year. As a group, research analysts predict that Globus Medical will post 1.71 earnings per share for the current year.
In other news, SVP Kelly Huller sold 3,000 shares of Globus Medical stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $52.90, for a total transaction of $158,700.00. Following the sale, the senior vice president now owns 6,384 shares in the company, valued at $337,713.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director David D. Davidar sold 50,000 shares of Globus Medical stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $49.33, for a total transaction of $2,466,500.00. Following the sale, the director now owns 754,775 shares in the company, valued at approximately $37,233,050.75. The disclosure for this sale can be found here. Company insiders own 24.97% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. Financial Gravity Wealth Inc. purchased a new position in shares of Globus Medical in the second quarter valued at $25,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Globus Medical in the second quarter valued at $26,000. Advisory Services Network LLC grew its holdings in shares of Globus Medical by 620.0% in the second quarter. Advisory Services Network LLC now owns 792 shares of the medical device company’s stock valued at $34,000 after purchasing an additional 682 shares in the last quarter. Oakworth Capital Inc. purchased a new position in shares of Globus Medical in the second quarter valued at $38,000. Finally, Quest Capital Management Inc. ADV purchased a new position in shares of Globus Medical in the third quarter valued at $45,000. Hedge funds and other institutional investors own 68.00% of the company’s stock.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.
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