Needham & Company LLC Reaffirms Hold Rating for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating reiterated by investment analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports.

A number of other research analysts also recently weighed in on the stock. Truist Financial upped their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada upped their price target on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Bank of America raised their price objective on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a report on Wednesday. BTIG Research upped their target price on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, Wells Fargo & Company upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $87.09.

Globus Medical Trading Down 0.9 %

GMED opened at $81.97 on Wednesday. The firm has a 50 day moving average of $71.92 and a two-hundred day moving average of $68.16. The firm has a market capitalization of $11.10 billion, a PE ratio of 273.23, a P/E/G ratio of 2.06 and a beta of 1.17. Globus Medical has a 12-month low of $43.38 and a 12-month high of $84.87.

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

Insider Transactions at Globus Medical

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

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stephens Inc. AR lifted its stake in Globus Medical by 3.4% in the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock worth $303,000 after acquiring an additional 138 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Globus Medical by 2.5% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock worth $403,000 after acquiring an additional 140 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Globus Medical by 15.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock valued at $80,000 after acquiring an additional 160 shares during the period. Van ECK Associates Corp raised its position in Globus Medical by 0.4% in the 2nd quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company’s stock valued at $3,145,000 after purchasing an additional 183 shares during the last quarter. Finally, Central Pacific Bank Trust Division boosted its stake in Globus Medical by 6.2% during the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock worth $268,000 after purchasing an additional 220 shares during the period. Hedge funds and other institutional investors own 95.16% of the company’s stock.

About Globus Medical

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.