Cinctive Capital Management LP Buys New Position in Globus Medical, Inc. (NYSE:GMED)

Cinctive Capital Management LP acquired a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 23,138 shares of the medical device company's stock, valued at approximately $1,914,000.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Globus Medical by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company's stock valued at $898,548,000 after buying an additional 240,218 shares in the last quarter. State Street Corp grew its position in shares of Globus Medical by 2.3% in the third quarter. State Street Corp now owns 3,570,726 shares of the medical device company's stock valued at $255,450,000 after purchasing an additional 81,371 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Globus Medical by 7.7% during the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company's stock valued at $231,946,000 after purchasing an additional 199,556 shares during the period. Geode Capital Management LLC lifted its holdings in Globus Medical by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company's stock worth $156,969,000 after purchasing an additional 12,151 shares in the last quarter. Finally, Geneva Capital Management LLC boosted its stake in Globus Medical by 13.6% in the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company's stock worth $150,188,000 after purchasing an additional 217,707 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Globus Medical

In other news, CFO Keith W. Pfeil sold 14,167 shares of the company's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GMED. Truist Financial lowered their price target on shares of Globus Medical from $90.00 to $82.00 and set a "hold" rating on the stock in a report on Tuesday, March 18th. Stifel Nicolaus raised their price target on shares of Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a report on Friday, February 21st. Wells Fargo & Company decreased their price target on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. StockNews.com lowered Globus Medical from a "buy" rating to a "hold" rating in a research note on Friday, March 21st. Finally, Barclays upped their target price on Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $97.09.

Globus Medical Stock Up 1.4 %

Shares of Globus Medical stock traded up $1.02 during trading on Tuesday, reaching $71.77. The company's stock had a trading volume of 269,225 shares, compared to its average volume of 1,029,712. The company has a market cap of $9.87 billion, a price-to-earnings ratio of 96.02, a PEG ratio of 1.61 and a beta of 1.28. The firm's 50-day moving average is $79.74 and its two-hundred day moving average is $80.10. Globus Medical, Inc. has a 52-week low of $49.33 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.10. The business had revenue of $657.29 million for the quarter, compared to analysts' expectations of $646.19 million. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. On average, equities research analysts anticipate that Globus Medical, Inc. will post 3.44 EPS for the current year.

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.