Globus Medical (NYSE:GMED) Given New $80.00 Price Target at Bank of America

Globus Medical (NYSE:GMED - Free Report) had its price objective upped by Bank of America from $55.00 to $80.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Bank of America currently has an underperform rating on the medical device company's stock.

Several other equities research analysts have also recently weighed in on the company. Truist Financial upped their target price on Globus Medical from $78.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, August 7th. Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research note on Wednesday, August 7th. Morgan Stanley raised their target price on shares of Globus Medical from $67.00 to $71.00 and gave the company an "equal weight" rating in a research report on Monday, July 15th. Barclays upped their price target on shares of Globus Medical from $85.00 to $93.00 and gave the stock an "overweight" rating in a research report on Thursday, August 8th. Finally, Royal Bank of Canada boosted their price objective on shares of Globus Medical from $78.00 to $80.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $87.09.

Globus Medical Trading Up 8.2 %

Shares of NYSE GMED traded up $6.20 during mid-day trading on Wednesday, reaching $81.78. The company had a trading volume of 2,750,608 shares, compared to its average volume of 992,945. The stock has a market cap of $11.07 billion, a price-to-earnings ratio of 270.17, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. Globus Medical has a 52 week low of $43.38 and a 52 week high of $84.74. The business's 50-day moving average is $71.69 and its 200-day moving average is $68.06.

Globus Medical (NYSE:GMED - Get Free Report) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.18. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The business had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. During the same period in the prior year, the firm earned $0.57 EPS. The company's revenue for the quarter was up 63.1% compared to the same quarter last year. As a group, equities research analysts forecast that Globus Medical will post 2.84 earnings per share for the current year.

Insider Buying and Selling

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares of the company's stock, valued at $40,242,076. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the company's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the sale, the director now owns 536,275 shares of the company's stock, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Globus Medical

Hedge funds have recently made changes to their positions in the stock. Swedbank AB boosted its holdings in Globus Medical by 15.4% in the second 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. grew its holdings in Globus Medical by 17.9% in 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 purchasing an additional 172,605 shares during the last quarter. GSA Capital Partners LLP acquired a new position in shares of Globus Medical during the 1st quarter worth $429,000. State Board of Administration of Florida Retirement System boosted its position in shares of Globus Medical by 12.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company's stock worth $4,839,000 after buying an additional 9,754 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in Globus Medical in the 2nd quarter valued at about $611,000. Hedge funds and other institutional investors own 95.16% of the company's stock.

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.