Allspring Global Investments Holdings LLC Sells 512,559 Shares of Globus Medical, Inc. (NYSE:GMED)

Allspring Global Investments Holdings LLC trimmed its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 99.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 418 shares of the medical device company's stock after selling 512,559 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Globus Medical were worth $30,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Raymond James & Associates raised its position in shares of Globus Medical by 8.5% during the third quarter. Raymond James & Associates now owns 299,294 shares of the medical device company's stock worth $21,411,000 after acquiring an additional 23,349 shares during the last quarter. V Square Quantitative Management LLC bought a new position in shares of Globus Medical during the third quarter worth about $27,000. Harbour Capital Advisors LLC bought a new position in shares of Globus Medical during the third quarter worth about $359,000. nVerses Capital LLC acquired a new stake in Globus Medical during the third quarter worth approximately $422,000. Finally, Orin Green Financial LLC acquired a new stake in Globus Medical during the third quarter worth approximately $215,000. 95.16% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on GMED shares. Bank of America raised their target price on Globus Medical from $55.00 to $80.00 and gave the stock an "underperform" rating in a research note on Wednesday. Barclays raised their target price on Globus Medical from $85.00 to $93.00 and gave the stock an "overweight" rating in a research note on Thursday, August 8th. Canaccord Genuity Group raised their target price on Globus Medical from $79.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday. Royal Bank of Canada raised their target price on Globus Medical from $80.00 to $92.00 and gave the stock an "outperform" rating in a research note on Wednesday. Finally, BTIG Research raised their target price on Globus Medical from $77.00 to $78.00 and gave the stock a "buy" rating in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $87.09.

Insider Activity at Globus Medical

In related news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now owns 42,884 shares of the company's stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now owns 42,884 shares of the company's stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is owned by insiders.

Globus Medical Stock Performance

Globus Medical stock traded up $7.12 during mid-day trading on Wednesday, reaching $82.70. The stock had a trading volume of 3,865,942 shares, compared to its average volume of 998,129. Globus Medical, Inc. has a fifty-two week low of $43.38 and a fifty-two week high of $84.87. The stock's 50-day simple moving average is $71.92 and its 200-day simple moving average is $68.16. The firm has a market capitalization of $11.20 billion, a PE ratio of 275.67, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to analysts' expectations of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. Globus Medical's quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.57 earnings per share. On average, research analysts forecast that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

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.