Brokerages Set Globus Medical, Inc. (NYSE:GMED) Target Price at $66.33

Globus Medical, Inc. (NYSE:GMED) has received a consensus rating of “Moderate Buy” from the nine ratings firms that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $66.33.

A number of analysts have issued reports on the company. Truist Financial raised their target price on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. BTIG Research raised Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 target price for the company in a research note on Monday, March 18th. Canaccord Genuity Group raised their target price on Globus Medical from $67.00 to $71.00 and gave the stock a “buy” rating in a research note on Wednesday, December 20th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 target price on shares of Globus Medical in a research note on Thursday, January 11th. Finally, Stifel Nicolaus raised their target price on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st.

Globus Medical Stock Down 1.5 %

NYSE GMED opened at $51.67 on Friday. The business has a fifty day moving average price of $53.32 and a 200 day moving average price of $51.34. Globus Medical has a one year low of $43.38 and a one year high of $62.88. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. The company has a market cap of $6.99 billion, a P/E ratio of 44.16, a P/E/G ratio of 1.52 and a beta of 1.08.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, February 20th. The medical device company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.59 by $0.01. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The firm had revenue of $616.53 million during the quarter, compared to the consensus estimate of $608.21 million. During the same period in the prior year, the company earned $0.59 EPS. The firm’s revenue was up 124.6% compared to the same quarter last year. Research analysts anticipate that Globus Medical will post 2.69 EPS for the current fiscal year.

Insider Transactions at Globus Medical

In related news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the completion of the transaction, the director now directly owns 17,419 shares in the company, valued at approximately $905,613.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 24.30% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Globus Medical by 49.7% in the 3rd quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock valued at $558,339,000 after buying an additional 3,732,959 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Globus Medical by 16.3% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock valued at $53,873,000 after buying an additional 141,492 shares during the period. SG Americas Securities LLC boosted its stake in shares of Globus Medical by 854.5% in the 4th quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock valued at $8,544,000 after buying an additional 143,540 shares during the period. Sector Gamma AS purchased a new position in shares of Globus Medical in the 3rd quarter valued at about $11,014,000. Finally, Barclays PLC boosted its stake in shares of Globus Medical by 58.8% in the 3rd quarter. Barclays PLC now owns 630,662 shares of the medical device company’s stock valued at $31,315,000 after buying an additional 233,459 shares during the period. 95.16% of the stock is currently owned by hedge funds and other 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.