Globus Medical (NYSE:GMED) Reaches New 12-Month High – Still a Buy?

Globus Medical, Inc. (NYSE:GMED)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $85.01 and last traded at $84.90, with a volume of 1325023 shares trading hands. The stock had previously closed at $83.59.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research note on Wednesday, November 6th. Truist Financial raised their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Royal Bank of Canada increased their target price on Globus Medical from $80.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Piper Sandler upped their price target on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Finally, Morgan Stanley raised their price objective on Globus Medical from $74.00 to $83.00 and gave the company an “equal weight” rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $88.18.

Globus Medical Trading Up 1.7 %

The business’s 50 day simple moving average is $74.16 and its two-hundred day simple moving average is $70.35. The firm has a market capitalization of $11.57 billion, a P/E ratio of 124.75, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17.

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, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same period in the previous year, the business earned $0.57 EPS. The firm’s revenue for the quarter was up 63.1% on a year-over-year basis. Analysts predict that Globus Medical, Inc. will post 2.98 EPS for the current fiscal year.

Insider Activity at Globus Medical

In other news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 25.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock valued at $8,512,850 over the last ninety days. Insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Large investors have recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in shares of Globus Medical in the third quarter worth approximately $27,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Globus Medical during the 2nd quarter worth $33,000. Quarry LP grew its position in shares of Globus Medical by 698.4% during the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after acquiring an additional 433 shares during the period. Farther Finance Advisors LLC increased its stake in shares of Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after purchasing an additional 385 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Globus Medical by 254.5% in the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors.

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.