Piper Sandler Increases Globus Medical (NYSE:GMED) Price Target to $60.00

Globus Medical (NYSE:GMED) had its price objective increased by investment analysts at Piper Sandler from $55.00 to $60.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the medical device company’s stock. Piper Sandler’s price target would suggest a potential downside of 6.83% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Stifel Nicolaus raised their target price on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. BTIG Research boosted their price objective on shares of Globus Medical from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday. Truist Financial boosted their price target on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a research report on Thursday, January 11th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $66.50.

Globus Medical Price Performance

Shares of NYSE:GMED opened at $64.40 on Wednesday. The company has a market capitalization of $8.72 billion, a P/E ratio of 55.04, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $65.74. The company’s 50-day moving average is $52.71 and its 200 day moving average is $51.35.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.17. The business had revenue of $606.67 million during the quarter, compared to analyst estimates of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. Globus Medical’s revenue was up 119.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.53 earnings per share. On average, equities research analysts forecast that Globus Medical will post 2.69 earnings per share for the current year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the transaction, the director now owns 17,419 shares in the company, valued at $905,613.81. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 24.30% of the company’s stock.

Institutional Trading of Globus Medical

Several institutional investors have recently bought and sold shares of GMED. Orion Portfolio Solutions LLC increased its holdings in shares of Globus Medical by 7.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 27,457 shares of the medical device company’s stock worth $1,473,000 after purchasing an additional 1,837 shares in the last quarter. Pembroke Management LTD boosted its position in shares of Globus Medical by 5.2% during the first quarter. Pembroke Management LTD now owns 626,601 shares of the medical device company’s stock valued at $33,611,000 after buying an additional 30,694 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in Globus Medical by 12.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock worth $4,839,000 after buying an additional 9,754 shares in the last quarter. Motley Fool Asset Management LLC raised its position in Globus Medical by 1,263.7% in the 1st quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company’s stock worth $45,496,000 after buying an additional 785,970 shares during the last quarter. Finally, Motley Fool Wealth Management LLC purchased a new position in Globus Medical in the 1st quarter worth about $10,278,000. 95.16% of the stock is 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.