Globus Medical (GMED) Given Outperform Rating at Wells Fargo & Co

Globus Medical (NYSE:GMED)‘s stock had its “outperform” rating reiterated by research analysts at Wells Fargo & Co in a report released on Wednesday, The Fly reports. They presently have a $51.00 price objective on the medical device company’s stock, up from their previous price objective of $46.00. Wells Fargo & Co’s price objective indicates a potential upside of 11.62% from the company’s current price.

A number of other brokerages have also commented on GMED. BidaskClub upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating in a research note on Friday, November 10th. ValuEngine lowered shares of Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. BTIG Research reiterated a “buy” rating and issued a $37.00 target price on shares of Globus Medical in a research note on Thursday, November 9th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Thursday, November 9th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. Globus Medical has an average rating of “Hold” and an average target price of $39.57.

Shares of Globus Medical (GMED) opened at $45.69 on Wednesday. The company has a market cap of $4,400.00, a price-to-earnings ratio of 41.54, a price-to-earnings-growth ratio of 3.11 and a beta of 0.56. Globus Medical has a one year low of $24.86 and a one year high of $46.51.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, November 8th. The medical device company reported $0.30 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.30. The business had revenue of $151.74 million during the quarter, compared to analyst estimates of $150.73 million. Globus Medical had a net margin of 17.54% and a return on equity of 13.67%. Globus Medical’s quarterly revenue was up 11.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.29 EPS. equities analysts forecast that Globus Medical will post 1.27 earnings per share for the current year.

In related news, insider A Brett Murphy sold 51,449 shares of the stock in a transaction dated Thursday, November 9th. The shares were sold at an average price of $35.00, for a total transaction of $1,800,715.00. Following the completion of the transaction, the insider now owns 49,768 shares in the company, valued at $1,741,880. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Steven Payne sold 3,076 shares of the stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $39.30, for a total transaction of $120,886.80. Following the transaction, the chief accounting officer now owns 23,847 shares of the company’s stock, valued at approximately $937,187.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 124,908 shares of company stock valued at $4,747,975. Company insiders own 28.21% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of GMED. PNC Financial Services Group Inc. grew its position in Globus Medical by 1.2% during the second quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock valued at $100,000 after buying an additional 35 shares during the period. Sei Investments Co. grew its position in Globus Medical by 18.9% during the second quarter. Sei Investments Co. now owns 3,165 shares of the medical device company’s stock valued at $105,000 after buying an additional 503 shares during the period. Advisor Group Inc. grew its position in Globus Medical by 2.0% during the second quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock valued at $114,000 after buying an additional 68 shares during the period. Cubist Systematic Strategies LLC bought a new position in Globus Medical during the third quarter valued at about $177,000. Finally, Victory Capital Management Inc. grew its position in Globus Medical by 17.6% during the second quarter. Victory Capital Management Inc. now owns 5,398 shares of the medical device company’s stock valued at $179,000 after buying an additional 808 shares during the period. Institutional investors own 70.23% of the company’s stock.

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Globus Medical Company Profile

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.

The Fly

Analyst Recommendations for Globus Medical (NYSE:GMED)

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