Needham & Company LLC Reiterates “Buy” Rating for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a note issued to investors on Thursday, AnalystRatings.com reports. They currently have a $63.00 price target on the medical device company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 13.07% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Zacks Investment Research upgraded shares of Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 target price for the company in a report on Tuesday, August 6th. Wells Fargo & Co raised their target price on shares of Globus Medical from $42.00 to $53.00 and gave the stock a “market perform” rating in a report on Tuesday, October 8th. ValuEngine upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a report on Wednesday, September 4th. Finally, Cantor Fitzgerald raised their target price on shares of Globus Medical from $55.00 to $64.00 and gave the stock an “overweight” rating in a report on Thursday. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $58.22.

Shares of GMED traded up $0.98 during midday trading on Thursday, hitting $55.72. The stock had a trading volume of 585,132 shares, compared to its average volume of 578,325. Globus Medical has a fifty-two week low of $38.01 and a fifty-two week high of $56.34. The business has a 50-day simple moving average of $51.06 and a two-hundred day simple moving average of $46.42. The firm has a market cap of $5.24 billion, a P/E ratio of 33.37, a price-to-earnings-growth ratio of 2.74 and a beta of 0.95.

Globus Medical (NYSE:GMED) last announced its earnings results on Wednesday, November 6th. The medical device company reported $0.43 EPS for the quarter, topping the consensus estimate of $0.42 by $0.01. Globus Medical had a net margin of 19.30% and a return on equity of 13.29%. The company had revenue of $196.22 million during the quarter, compared to analysts’ expectations of $185.86 million. During the same period last year, the company posted $0.39 earnings per share. The business’s revenue for the quarter was up 15.9% on a year-over-year basis. On average, equities analysts anticipate that Globus Medical will post 1.71 earnings per share for the current year.

In related news, SVP Kelly Huller sold 3,000 shares of Globus Medical stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $52.90, for a total value of $158,700.00. Following the completion of the transaction, the senior vice president now directly owns 6,384 shares of the company’s stock, valued at $337,713.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David D. Davidar sold 50,000 shares of Globus Medical stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $49.33, for a total value of $2,466,500.00. Following the completion of the transaction, the director now directly owns 754,775 shares of the company’s stock, valued at $37,233,050.75. The disclosure for this sale can be found here. 24.97% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the stock. Texas Permanent School Fund grew its position in shares of Globus Medical by 0.4% during the 3rd quarter. Texas Permanent School Fund now owns 52,169 shares of the medical device company’s stock worth $2,667,000 after buying an additional 215 shares during the period. Municipal Employees Retirement System of Michigan lifted its stake in shares of Globus Medical by 1.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 14,080 shares of the medical device company’s stock valued at $596,000 after acquiring an additional 220 shares during the last quarter. Oakbrook Investments LLC lifted its stake in shares of Globus Medical by 5.9% in the 2nd quarter. Oakbrook Investments LLC now owns 5,400 shares of the medical device company’s stock valued at $228,000 after acquiring an additional 300 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its stake in shares of Globus Medical by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 30,789 shares of the medical device company’s stock valued at $1,302,000 after acquiring an additional 435 shares during the last quarter. Finally, Conservest Capital Advisors Inc. lifted its stake in shares of Globus Medical by 4.3% in the 2nd quarter. Conservest Capital Advisors Inc. now owns 12,169 shares of the medical device company’s stock valued at $515,000 after acquiring an additional 500 shares during the last quarter. 68.00% of the stock is owned by institutional investors and hedge funds.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

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Analyst Recommendations for Globus Medical (NYSE:GMED)

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