Globus Medical (NYSE:GMED) Reaches New 1-Year High – Here’s Why

Globus Medical, Inc. (NYSE:GMED)’s share price reached a new 52-week high on Wednesday . The stock traded as high as $85.34 and last traded at $85.02, with a volume of 172233 shares traded. The stock had previously closed at $84.53.

Analysts Set New Price Targets

GMED has been the topic of several analyst reports. Stifel Nicolaus boosted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. StockNews.com lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Bank of America lifted their price objective on shares of Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday, November 6th. Roth Mkm reaffirmed a “buy” rating and issued a $100.00 price objective on shares of Globus Medical in a research report on Wednesday, November 6th. Finally, Morgan Stanley lifted their price objective on shares of Globus Medical from $74.00 to $83.00 and gave the stock an “equal weight” rating in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $88.18.

Globus Medical Stock Up 0.9 %

The firm’s 50-day moving average price is $75.96 and its 200-day moving average price is $71.37. The company has a market cap of $11.61 billion, a P/E ratio of 127.30, a price-to-earnings-growth ratio of 2.02 and a beta of 1.17.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data 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. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. Globus Medical’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 earnings per share. As a group, analysts forecast that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Insider Activity at Globus Medical

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction that occurred 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ann D. Rhoads sold 15,000 shares of the business’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 transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 25.91 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,000 shares of company stock valued at $8,512,850. Corporate insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Hedge funds and other institutional investors have recently bought and sold shares of the stock. V Square Quantitative Management LLC purchased a new stake in shares of Globus Medical in the 3rd quarter valued at $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Globus Medical in the 2nd quarter valued at $33,000. Quarry LP boosted its stake in shares of Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company’s stock valued at $35,000 after purchasing an additional 433 shares in the last quarter. Farther Finance Advisors LLC boosted 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 valued at $39,000 after purchasing an additional 385 shares in the last quarter. Finally, GAMMA Investing LLC boosted 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 valued at $43,000 after purchasing an additional 453 shares in the last quarter. Hedge funds and other institutional investors own 95.16% of the company’s stock.

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.