Globus Medical (NYSE:GMED) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Globus Medical (NYSE:GMED) had its price objective raised by Morgan Stanley from $74.00 to $83.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an equal weight rating on the medical device company’s stock.

A number of other brokerages have also recently commented on GMED. Canaccord Genuity Group raised their price objective on Globus Medical from $79.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Stifel Nicolaus lifted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Truist Financial upped their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Wells Fargo & Company lifted their price objective on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Finally, BTIG Research upped their target price on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $88.18.

Globus Medical Stock Down 1.0 %

Shares of GMED stock opened at $82.55 on Monday. The firm has a 50 day moving average of $72.69 and a 200-day moving average of $69.16. The company has a market cap of $11.18 billion, a price-to-earnings ratio of 123.20, a price-to-earnings-growth ratio of 1.99 and a beta of 1.17. Globus Medical has a 52 week low of $44.02 and a 52 week high of $84.87.

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

Insider Buying and Selling at Globus Medical

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock worth $8,512,850 in the last quarter. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Millrace Asset Group Inc. grew its position in shares of Globus Medical by 4.4% in the third quarter. Millrace Asset Group Inc. now owns 23,151 shares of the medical device company’s stock valued at $1,656,000 after purchasing an additional 977 shares in the last quarter. FMR LLC grew its holdings in Globus Medical by 338.4% during the 3rd quarter. FMR LLC now owns 38,723 shares of the medical device company’s stock valued at $2,770,000 after buying an additional 29,890 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Globus Medical during the third quarter valued at about $2,709,000. Bank of Montreal Can lifted its holdings in shares of Globus Medical by 1,142.4% in the third quarter. Bank of Montreal Can now owns 231,323 shares of the medical device company’s stock worth $16,334,000 after buying an additional 212,704 shares in the last quarter. Finally, Swedbank AB boosted its position in shares of Globus Medical by 6.7% in the third quarter. Swedbank AB now owns 400,000 shares of the medical device company’s stock valued at $28,616,000 after acquiring an additional 25,000 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.