Globus Medical (NYSE:GMED) Given New $100.00 Price Target at Piper Sandler

Globus Medical (NYSE:GMED) had its price target raised by Piper Sandler from $80.00 to $100.00 in a research note released on Wednesday,Benzinga reports. They currently have an overweight rating on the medical device company’s stock.

A number of other research firms also recently weighed in on GMED. Bank of America increased their price target on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Wednesday. Truist Financial boosted their price target on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research report on Wednesday, August 7th. Royal Bank of Canada raised their price objective on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Finally, Morgan Stanley boosted their target price on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and an average target price of $87.09.

Globus Medical Stock Down 1.3 %

GMED stock opened at $80.88 on Wednesday. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of 120.72, a price-to-earnings-growth ratio of 2.19 and a beta of 1.17. The stock’s fifty day simple moving average is $72.28 and its 200-day simple moving average is $68.46. Globus Medical has a 52-week low of $43.38 and a 52-week high of $84.87.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. The firm’s revenue was up 63.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 EPS. As a group, analysts anticipate that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other news, SVP Kelly Huller sold 5,000 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction that occurred on 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 $3,017,318.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock valued at $8,512,850 over the last 90 days. 18.54% of the stock is owned by corporate insiders.

Institutional Trading of Globus Medical

Hedge funds have recently made changes to their positions in the stock. Burgundy Asset Management Ltd. boosted its stake in Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company’s stock valued at $172,245,000 after acquiring an additional 35,054 shares during the last quarter. Champlain Investment Partners LLC lifted its position in shares of Globus Medical by 25.2% during the first quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company’s stock worth $134,335,000 after purchasing an additional 503,745 shares during the last quarter. Magnetar Financial LLC grew its stake in Globus Medical by 1.7% in the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company’s stock worth $117,699,000 after purchasing an additional 29,200 shares in the last quarter. Geneva Capital Management LLC increased its holdings in Globus Medical by 1.1% in the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company’s stock valued at $114,330,000 after buying an additional 18,117 shares during the last quarter. Finally, AXA S.A. raised its stake in Globus Medical by 0.5% during the second quarter. AXA S.A. now owns 1,478,242 shares of the medical device company’s stock valued at $101,245,000 after buying an additional 7,443 shares in the last quarter. Institutional investors and hedge funds 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.