Canaccord Genuity Group Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price objective lifted by analysts at Canaccord Genuity Group from $79.00 to $85.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 3.70% from the stock’s current price.

GMED has been the topic of several other research reports. Wells Fargo & Company raised their price target on Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a report on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday. BTIG Research upped their price target on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Barclays lifted their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Bank of America upped their target price on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $87.09.

Globus Medical Price Performance

GMED stock opened at $81.97 on Wednesday. The firm has a market cap of $11.10 billion, a price-to-earnings ratio of 273.23, a PEG ratio of 2.06 and a beta of 1.17. Globus Medical has a 1-year low of $43.38 and a 1-year high of $84.87. The firm has a fifty day moving average price of $71.92 and a two-hundred day moving average price of $68.16.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same quarter in the prior year, the firm earned $0.57 EPS. The company’s revenue for the quarter was up 63.1% compared to the same quarter last year. As a group, analysts expect that Globus Medical will post 2.84 EPS for the current fiscal year.

Insider Activity

In related news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the sale, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

Institutional Trading of Globus Medical

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pathstone Holdings LLC lifted its position in shares of Globus Medical by 2.6% during the 3rd quarter. Pathstone Holdings LLC now owns 41,007 shares of the medical device company’s stock valued at $2,934,000 after acquiring an additional 1,055 shares during the last quarter. Quest Partners LLC acquired a new stake in shares of Globus Medical during the third quarter worth $523,000. Sheaff Brock Investment Advisors LLC raised its position in shares of Globus Medical by 0.8% during the third quarter. Sheaff Brock Investment Advisors LLC now owns 39,024 shares of the medical device company’s stock worth $2,792,000 after purchasing an additional 321 shares during the period. KBC Group NV lifted its holdings in shares of Globus Medical by 0.5% during the third quarter. KBC Group NV now owns 45,505 shares of the medical device company’s stock valued at $3,255,000 after purchasing an additional 237 shares during the last quarter. Finally, Geneva Capital Management LLC boosted its position in shares of Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after purchasing an additional 18,117 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

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.