Insider Selling: Globus Medical (NYSE:GMED) Director Sells $648,000.00 in Stock

Globus Medical, Inc. (NYSE:GMED) Director Ann Rhoads sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $81.00, for a total transaction of $648,000.00. Following the completion of the transaction, the director owned 17,384 shares of the company’s stock, valued at $1,408,104. This trade represents a 31.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Globus Medical Trading Down 0.2%

Globus Medical stock opened at $84.77 on Thursday. Globus Medical, Inc. has a 1-year low of $51.79 and a 1-year high of $94.93. The firm has a market capitalization of $11.45 billion, a PE ratio of 32.60, a price-to-earnings-growth ratio of 1.68 and a beta of 1.15. The firm’s 50 day simple moving average is $61.35 and its 200 day simple moving average is $60.21.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. EverSource Wealth Advisors LLC lifted its stake in shares of Globus Medical by 74.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after acquiring an additional 197 shares during the last quarter. Advisors Asset Management Inc. bought a new stake in Globus Medical in the second quarter valued at approximately $28,000. First Horizon Corp purchased a new stake in shares of Globus Medical during the third quarter valued at approximately $31,000. Larson Financial Group LLC grew its holdings in shares of Globus Medical by 1,007.7% in the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company’s stock worth $32,000 after purchasing an additional 393 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Globus Medical in the third quarter worth approximately $36,000. 95.16% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Truist Financial raised shares of Globus Medical from a “hold” rating to a “buy” rating and boosted their price target for the stock from $65.00 to $93.00 in a research note on Friday, November 7th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Monday, July 21st. Bank of America upgraded Globus Medical from a “neutral” rating to a “buy” rating and raised their price target for the company from $65.00 to $91.00 in a research report on Friday, November 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Globus Medical in a research note on Wednesday, October 8th. Finally, Wells Fargo & Company increased their price objective on Globus Medical from $66.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and a consensus target price of $88.82.

Globus Medical Company 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.