Globus Medical (NYSE:GMED) Price Target Raised to $88.00 at Wells Fargo & Company

Globus Medical (NYSE:GMED) had its price target boosted by Wells Fargo & Company from $78.00 to $88.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the medical device company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 9.81% from the stock’s previous close.

GMED has been the subject of several other reports. Morgan Stanley raised their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Piper Sandler upped their price target on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research note on Wednesday. Bank of America raised their price objective on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday. Barclays upped their target price on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, BTIG Research boosted their price target on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $81.00.

Globus Medical Trading Up 6.0 %

GMED stock traded up $4.56 during mid-day trading on Wednesday, reaching $80.14. The company’s stock had a trading volume of 1,312,616 shares, compared to its average volume of 986,257. The company’s 50 day moving average is $71.69 and its two-hundred day moving average is $68.06. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $84.74. The stock has a market cap of $10.85 billion, a PE ratio of 269.30, a P/E/G ratio of 2.07 and a beta of 1.17.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS 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 analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The business’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.57 earnings per share. On average, analysts forecast that Globus Medical will post 2.84 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

In other news, Director David D. Davidar sold 30,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the sale, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new stake in Globus Medical in the third quarter valued at $27,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Globus Medical in the 2nd quarter valued at about $33,000. Farther Finance Advisors LLC raised its position in shares of Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock worth $39,000 after acquiring an additional 385 shares in the last quarter. GAMMA Investing LLC lifted its stake in Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after purchasing an additional 453 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new position in Globus Medical in the second quarter valued at approximately $52,000. 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.