Driehaus Capital Management LLC Makes New Investment in Globus Medical, Inc. (NYSE:GMED)

Driehaus Capital Management LLC bought a new stake in Globus Medical, Inc. (NYSE:GMED) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 545,744 shares of the medical device company’s stock, valued at approximately $45,138,000. Driehaus Capital Management LLC owned approximately 0.40% of Globus Medical as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Crestline Management LP acquired a new position in shares of Globus Medical in the 4th quarter worth approximately $680,000. Cetera Investment Advisers lifted its stake in Globus Medical by 13.9% during the fourth quarter. Cetera Investment Advisers now owns 8,263 shares of the medical device company’s stock worth $683,000 after purchasing an additional 1,008 shares during the last quarter. Centiva Capital LP boosted its holdings in Globus Medical by 16.1% in the fourth quarter. Centiva Capital LP now owns 6,572 shares of the medical device company’s stock worth $544,000 after purchasing an additional 911 shares during the period. Blue Capital Inc. bought a new stake in Globus Medical during the fourth quarter valued at $620,000. Finally, Captrust Financial Advisors raised its holdings in shares of Globus Medical by 15.7% during the fourth quarter. Captrust Financial Advisors now owns 23,735 shares of the medical device company’s stock worth $1,963,000 after purchasing an additional 3,215 shares during the period. Institutional investors own 95.16% of the company’s stock.

Globus Medical Stock Up 1.7 %

Shares of NYSE GMED opened at $71.59 on Thursday. The business has a fifty day simple moving average of $72.80 and a 200-day simple moving average of $79.98. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 95.46, a P/E/G ratio of 1.61 and a beta of 1.32. Globus Medical, Inc. has a 12 month low of $58.20 and a 12 month high of $94.93.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million during the quarter, compared to analysts’ expectations of $646.19 million. As a group, sell-side analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GMED. Canaccord Genuity Group boosted their price objective on shares of Globus Medical from $92.00 to $101.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Tuesday, March 18th. Stifel Nicolaus boosted their price objective on Globus Medical from $92.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, February 21st. Truist Financial lowered their price objective on Globus Medical from $82.00 to $80.00 and set a “hold” rating for the company in a research note on Friday, April 11th. Finally, Bank of America upgraded Globus Medical from an “underperform” rating to a “neutral” rating and raised their target price for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Profile

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.