Globus Medical (NYSE:GMED) Given “Hold” Rating at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Globus Medical (NYSE:GMED) in a research report report published on Thursday morning,Benzinga reports.

Other equities analysts also recently issued research reports about the company. Canaccord Genuity Group increased 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. StockNews.com upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Tuesday, January 28th. Roth Mkm boosted their price objective on shares of Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Finally, 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. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $96.91.

Globus Medical Trading Down 4.7 %

Shares of Globus Medical stock opened at $88.08 on Thursday. Globus Medical has a 12-month low of $49.33 and a 12-month high of $94.93. The company has a market cap of $11.99 billion, a P/E ratio of 131.47, a PEG ratio of 1.78 and a beta of 1.19. The company’s fifty day simple moving average is $86.47 and its two-hundred day simple moving average is $77.96.

Globus Medical (NYSE:GMED) last posted its earnings results 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. The firm 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 business’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 EPS. Analysts predict that Globus Medical will post 2.98 EPS for the current fiscal year.

Insider Transactions at Globus Medical

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. AQR Capital Management LLC grew its holdings in Globus Medical by 1.5% during the second quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock valued at $1,044,000 after purchasing an additional 228 shares during the period. Creative Planning boosted its position in shares of Globus Medical by 16.8% in the second quarter. Creative Planning now owns 6,157 shares of the medical device company’s stock worth $422,000 after purchasing an additional 886 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Globus Medical in the second quarter worth approximately $611,000. GAMMA Investing LLC increased its stake in shares of Globus Medical by 40.7% in the third quarter. GAMMA Investing LLC now owns 888 shares of the medical device company’s stock worth $64,000 after purchasing an additional 257 shares in the last quarter. Finally, Atomi Financial Group Inc. purchased a new position in shares of Globus Medical during the 3rd quarter valued at $258,000. Hedge funds and other institutional investors 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.