Atom Investors LP Acquires 24,288 Shares of Globus Medical, Inc. (NYSE:GMED)

Atom Investors LP boosted its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 126.0% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 43,557 shares of the medical device company's stock after buying an additional 24,288 shares during the period. Atom Investors LP's holdings in Globus Medical were worth $3,116,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in GMED. Swedbank AB raised its stake in Globus Medical by 15.4% during the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company's stock valued at $25,684,000 after purchasing an additional 50,000 shares during the period. Vaughan Nelson Investment Management L.P. increased its stake in Globus Medical by 17.9% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company's stock valued at $77,852,000 after acquiring an additional 172,605 shares during the period. Sanctuary Advisors LLC bought a new position in shares of Globus Medical during the 2nd quarter worth about $611,000. Quest Partners LLC acquired a new stake in Globus Medical in the 3rd quarter valued at $523,000. Finally, Intech Investment Management LLC increased its holdings in shares of Globus Medical by 291.3% during the third quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company's stock worth $1,469,000 after buying an additional 15,283 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on GMED shares. Barclays raised their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the company an "overweight" rating in a research note on Thursday, August 8th. Stifel Nicolaus boosted their price target on Globus Medical from $80.00 to $92.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Wednesday, November 6th. Roth Mkm reiterated a "buy" rating and issued a $100.00 price target on shares of Globus Medical in a research note on Wednesday, November 6th. Finally, Truist Financial boosted their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the stock a "hold" rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Globus Medical has a consensus rating of "Moderate Buy" and a consensus target price of $89.73.

Insiders Place Their Bets

In related news, Director Ann D. Rhoads sold 15,000 shares of the business's stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the transaction, the director now owns 42,884 shares of the company's stock, valued at $3,017,318.24. The trade was a 25.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Kelly Huller sold 5,000 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total transaction of $405,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock worth $8,512,850 in the last quarter. Corporate insiders own 18.54% of the company's stock.

Globus Medical Stock Performance

Shares of NYSE GMED traded down $1.71 during trading hours on Monday, reaching $83.90. 1,148,943 shares of the stock were exchanged, compared to its average volume of 1,003,795. The stock's fifty day simple moving average is $76.26 and its 200 day simple moving average is $71.63. The firm has a market capitalization of $11.42 billion, a price-to-earnings ratio of 125.15, a P/E/G ratio of 2.04 and a beta of 1.17. Globus Medical, Inc. has a 52 week low of $44.02 and a 52 week high of $87.22.

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 analysts' consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same quarter last year, the firm earned $0.57 earnings per share. The company's revenue was up 63.1% on a year-over-year basis. Research analysts predict that Globus Medical, Inc. will post 2.98 EPS 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.