Assenagon Asset Management S.A. Has $7.93 Million Stake in Globus Medical, Inc. (NYSE:GMED)

Assenagon Asset Management S.A. grew its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 77.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 95,898 shares of the medical device company's stock after purchasing an additional 41,875 shares during the period. Assenagon Asset Management S.A. owned approximately 0.07% of Globus Medical worth $7,932,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Select Equity Group L.P. bought a new position in Globus Medical during the 2nd quarter valued at about $91,711,000. Millennium Management LLC raised its stake in shares of Globus Medical by 1,171.5% in the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company's stock valued at $93,409,000 after acquiring an additional 1,256,570 shares during the last quarter. ArrowMark Colorado Holdings LLC acquired a new position in shares of Globus Medical in the 3rd quarter worth approximately $43,947,000. Lord Abbett & CO. LLC bought a new stake in Globus Medical during the 3rd quarter worth approximately $37,948,000. Finally, Parsifal Capital Management LP increased its holdings in Globus Medical by 50.5% during the 3rd quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company's stock valued at $96,619,000 after purchasing an additional 453,053 shares in the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Kelly Huller sold 2,500 shares of the firm's stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total value of $217,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Keith W. Pfeil sold 14,167 shares of the business's stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The disclosure for this sale can be found here. In the last three months, insiders sold 81,667 shares of company stock valued at $6,674,554. 18.54% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GMED. Royal Bank of Canada increased their target price on Globus Medical from $80.00 to $92.00 and gave the stock an "outperform" rating in a report on Wednesday, November 6th. Truist Financial boosted their target price on shares of Globus Medical from $85.00 to $90.00 and gave the stock a "hold" rating in a research note on Wednesday, December 18th. StockNews.com cut shares of Globus Medical from a "buy" rating to a "hold" rating in a research note on Wednesday, November 20th. BTIG Research upped their price objective on Globus Medical from $87.00 to $91.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Finally, Stifel Nicolaus lifted their target price on Globus Medical from $80.00 to $92.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $96.91.

Globus Medical Price Performance

GMED traded up $0.37 during mid-day trading on Monday, hitting $90.84. The stock had a trading volume of 1,863,875 shares, compared to its average volume of 809,636. The stock's fifty day simple moving average is $84.08 and its 200-day simple moving average is $76.00. The firm has a market capitalization of $12.37 billion, a price-to-earnings ratio of 135.57, a price-to-earnings-growth ratio of 1.80 and a beta of 1.19. Globus Medical, Inc. has a 1-year low of $49.33 and a 1-year high of $91.44.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same period in the previous year, the company posted $0.57 earnings per share. The company's revenue for the quarter was up 63.1% on a year-over-year basis. As a group, research analysts expect that Globus Medical, Inc. will post 2.98 earnings per share for the current fiscal 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.