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

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

GMED has been the topic of several other reports. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $80.00 to $97.00 in a research report on Thursday, January 9th. Stifel Nicolaus lifted their price target on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Truist Financial lifted their price target on Globus Medical from $85.00 to $90.00 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Canaccord Genuity Group lifted their price objective on Globus Medical from $92.00 to $101.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Finally, Wells Fargo & Company lifted their price objective on Globus Medical from $88.00 to $95.00 and gave the stock an “overweight” rating in a report on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Price Performance

Shares of GMED stock traded down $3.95 during trading on Thursday, reaching $88.45. The company had a trading volume of 3,194,176 shares, compared to its average volume of 1,289,676. The firm’s 50 day simple moving average is $86.47 and its two-hundred day simple moving average is $77.96. Globus Medical has a one year low of $49.33 and a one year high of $94.93. The company has a market capitalization of $12.04 billion, a PE ratio of 131.90, a PEG ratio of 1.78 and a beta of 1.19.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.57 EPS. Analysts forecast that Globus Medical will post 2.98 earnings per share for the current year.

Insider Activity at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The disclosure for this sale can be found here. 18.54% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently bought and sold shares of GMED. Oak Thistle LLC bought a new stake in shares of Globus Medical during the fourth quarter worth $376,000. Kathmere Capital Management LLC bought a new stake in shares of Globus Medical during the fourth quarter worth $23,091,000. Sanctuary Advisors LLC bought a new stake in Globus Medical in the second quarter valued at about $611,000. Quest Partners LLC bought a new stake in Globus Medical in the third quarter valued at about $523,000. Finally, Intech Investment Management LLC increased its holdings in Globus Medical by 291.3% in the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock valued at $1,469,000 after purchasing an additional 15,283 shares during 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.