Brokerages Set Globus Medical, Inc. (NYSE:GMED) Price Target at $73.53

Globus Medical, Inc. (NYSE:GMED) has received an average rating of “Buy” from the fifteen analysts that are presently covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $73.53.

GMED has been the subject of a number of research reports. BTIG Research lifted their price target on Globus Medical from $72.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, May 5th. They noted that the move was a valuation call. Wells Fargo & Company lifted their price target on Globus Medical from $71.00 to $78.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 5th. Zacks Investment Research cut Globus Medical from a “buy” rating to a “hold” rating and set a $75.00 price objective for the company. in a report on Friday, April 23rd. Morgan Stanley boosted their price objective on Globus Medical from $72.00 to $77.00 and gave the company an “equal weight” rating in a report on Wednesday, May 5th. Finally, Needham & Company LLC boosted their price objective on Globus Medical from $75.00 to $82.00 and gave the company a “buy” rating in a report on Wednesday, May 5th.

In other news, CFO Keith W. Pfeil sold 5,021 shares of the company’s stock in a transaction that occurred on Wednesday, May 5th. The stock was sold at an average price of $75.00, for a total value of $376,575.00. Following the completion of the sale, the chief financial officer now directly owns 5,021 shares in the company, valued at $376,575. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Keith W. Pfeil sold 27,479 shares of the stock in a transaction that occurred on Friday, June 25th. The stock was sold at an average price of $75.04, for a total value of $2,062,024.16. Following the completion of the transaction, the chief financial officer now owns 13,312 shares of the company’s stock, valued at $998,932.48. The disclosure for this sale can be found here. Insiders sold 424,689 shares of company stock valued at $31,204,095 over the last 90 days. Company insiders own 24.75% of the company’s stock.

A number of institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new position in Globus Medical during the fourth quarter worth $46,875,000. Champlain Investment Partners LLC lifted its stake in Globus Medical by 41.0% during the first quarter. Champlain Investment Partners LLC now owns 1,520,725 shares of the medical device company’s stock worth $93,783,000 after purchasing an additional 442,180 shares in the last quarter. Polar Capital Holdings Plc lifted its stake in Globus Medical by 104.2% during the first quarter. Polar Capital Holdings Plc now owns 700,152 shares of the medical device company’s stock worth $43,178,000 after purchasing an additional 357,294 shares in the last quarter. Geneva Capital Management LLC lifted its stake in Globus Medical by 33.7% during the first quarter. Geneva Capital Management LLC now owns 1,277,448 shares of the medical device company’s stock worth $78,781,000 after purchasing an additional 322,334 shares in the last quarter. Finally, Nuance Investments LLC lifted its stake in Globus Medical by 187.6% during the first quarter. Nuance Investments LLC now owns 486,325 shares of the medical device company’s stock worth $29,992,000 after purchasing an additional 317,200 shares in the last quarter. Institutional investors own 66.56% of the company’s stock.

GMED stock traded up $0.63 on Friday, hitting $80.59. 6,315 shares of the company’s stock were exchanged, compared to its average volume of 464,105. Globus Medical has a 12-month low of $47.34 and a 12-month high of $81.89. The stock’s 50 day simple moving average is $74.69. The firm has a market capitalization of $8.09 billion, a PE ratio of 67.19, a P/E/G ratio of 4.25 and a beta of 1.07.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, May 4th. The medical device company reported $0.49 EPS for the quarter, topping the Zacks’ consensus estimate of $0.37 by $0.12. Globus Medical had a return on equity of 11.33% and a net margin of 14.73%. The company had revenue of $227.34 million during the quarter, compared to analysts’ expectations of $196.89 million. During the same quarter in the previous year, the firm posted $0.29 EPS. The firm’s revenue was up 19.3% compared to the same quarter last year. On average, equities analysts predict that Globus Medical will post 1.89 earnings per share for the current year.

About Globus Medical

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders. Its offers spine products, such as consists of traditional fusion implants, such as pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies, such as dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products, comprising of allografts and synthetic alternatives.

See Also: What is a resistance level?

Analyst Recommendations for Globus Medical (NYSE:GMED)

Receive News & Ratings for Globus Medical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globus Medical and related companies with MarketBeat.com's FREE daily email newsletter.