BidaskClub upgraded shares of Globus Medical, Inc. (NYSE:GMED) from a strong sell rating to a sell rating in a research report sent to investors on Thursday.
Other equities analysts have also issued reports about the stock. Zacks Investment Research lowered shares of Globus Medical from a hold rating to a sell rating in a research report on Tuesday, July 4th. Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Globus Medical in a research report on Wednesday, August 30th. Canaccord Genuity reaffirmed a buy rating and set a $37.00 price target on shares of Globus Medical in a research report on Friday, August 18th. BTIG Research began coverage on shares of Globus Medical in a report on Thursday. They issued a buy rating and a $37.00 target price on the stock. Finally, Barclays PLC reissued an underweight rating and issued a $28.00 target price (down from $30.00) on shares of Globus Medical in a report on Wednesday, August 9th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $31.25.
Shares of Globus Medical (NYSE:GMED) opened at 30.40 on Thursday. Globus Medical has a 12 month low of $19.25 and a 12 month high of $34.03. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of 27.39 and a beta of 0.60. The stock’s 50 day moving average is $30.21 and its 200 day moving average is $30.58.
Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Wednesday, August 2nd. The medical device company reported $0.32 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.02. The company had revenue of $152.39 million for the quarter, compared to analyst estimates of $150.94 million. Globus Medical had a net margin of 18.12% and a return on equity of 13.99%. The company’s revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.29 earnings per share. Equities research analysts forecast that Globus Medical will post $1.27 earnings per share for the current fiscal year.
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In other news, insider A Brett Murphy sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $29.99, for a total value of $449,850.00. Following the sale, the insider now directly owns 101,217 shares in the company, valued at approximately $3,035,497.83. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 28.21% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its stake in shares of Globus Medical by 1.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after purchasing an additional 35 shares in the last quarter. Sei Investments Co. boosted its stake in shares of Globus Medical by 18.9% in the 2nd quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock valued at $105,000 after purchasing an additional 503 shares in the last quarter. Elkfork Partners LLC acquired a new stake in shares of Globus Medical in the 1st quarter valued at approximately $114,000. Advisor Group Inc. boosted its stake in shares of Globus Medical by 2.0% in the 2nd quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after purchasing an additional 68 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Globus Medical by 22.1% in the 1st quarter. Victory Capital Management Inc. now owns 4,590 shares of the medical device company’s stock valued at $136,000 after purchasing an additional 830 shares in the last quarter. Institutional investors own 65.80% of the company’s stock.
About Globus Medical
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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