Globus Medical (NYSE:GMED) Price Target Raised to $79.00

Globus Medical (NYSE:GMED) had its price objective increased by Wells Fargo & Company from $66.00 to $79.00 in a research report released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the medical device company’s stock.

GMED has been the topic of a number of other reports. Weiss Ratings restated a “hold (c)” rating on shares of Globus Medical in a research report on Wednesday, October 8th. Stifel Nicolaus began coverage on shares of Globus Medical in a report on Tuesday, October 28th. They set a “hold” rating and a $64.00 price target on the stock. Bank of America upgraded Globus Medical from a “neutral” rating to a “buy” rating and upped their target price for the company from $65.00 to $91.00 in a report on Friday. Truist Financial raised shares of Globus Medical from a “hold” rating to a “buy” rating and boosted their target price for the stock from $65.00 to $93.00 in a research report on Friday. Finally, Canaccord Genuity Group reduced their price target on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, July 22nd. Nine research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $88.82.

Globus Medical Stock Up 1.8%

Shares of Globus Medical stock traded up $1.47 during trading hours on Friday, hitting $85.36. 1,759,529 shares of the company’s stock traded hands, compared to its average volume of 1,460,090. Globus Medical has a twelve month low of $51.79 and a twelve month high of $94.93. The stock has a 50 day simple moving average of $59.83 and a 200-day simple moving average of $59.85. The company has a market cap of $11.53 billion, a PE ratio of 32.73, a PEG ratio of 1.68 and a beta of 1.15.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.39. The business had revenue of $769.05 million during the quarter, compared to the consensus estimate of $734.58 million. Globus Medical had a return on equity of 10.65% and a net margin of 13.58%.During the same period last year, the firm earned $0.83 earnings per share. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. As a group, equities research analysts predict that Globus Medical will post 3.44 EPS for the current year.

Insider Activity

In other news, Director Ann D. Rhoads sold 10,000 shares of Globus Medical stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $58.46, for a total transaction of $584,600.00. Following the completion of the sale, the director owned 25,384 shares in the company, valued at $1,483,948.64. The trade was a 28.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 18.51% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of Globus Medical by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 10,909,082 shares of the medical device company’s stock valued at $798,545,000 after acquiring an additional 45,248 shares during the last quarter. Burgundy Asset Management Ltd. grew its holdings in Globus Medical by 24.3% during the second quarter. Burgundy Asset Management Ltd. now owns 3,481,438 shares of the medical device company’s stock valued at $205,474,000 after purchasing an additional 679,691 shares during the period. Sculptor Capital LP raised its holdings in Globus Medical by 31.9% in the second quarter. Sculptor Capital LP now owns 2,760,688 shares of the medical device company’s stock worth $162,936,000 after purchasing an additional 667,850 shares during the period. William Blair Investment Management LLC boosted its position in shares of Globus Medical by 5.8% during the second quarter. William Blair Investment Management LLC now owns 2,405,031 shares of the medical device company’s stock worth $141,945,000 after purchasing an additional 131,244 shares in the last quarter. Finally, Geneva Capital Management LLC increased its position in shares of Globus Medical by 13.6% in the 2nd quarter. Geneva Capital Management LLC now owns 2,082,788 shares of the medical device company’s stock valued at $122,926,000 after buying an additional 249,141 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

About Globus Medical

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.