Canaccord Genuity Group Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED - Free Report) had its price target upped by Canaccord Genuity Group from $92.00 to $101.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the medical device company's stock.

Several other research firms have also recently weighed in on GMED. Wells Fargo & Company boosted their price target on Globus Medical from $88.00 to $95.00 and gave the stock an "overweight" rating in a report on Wednesday, December 11th. StockNews.com cut shares of Globus Medical from a "buy" rating to a "hold" rating in a research report on Wednesday, November 20th. Piper Sandler lifted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, November 6th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Thursday. Finally, Royal Bank of Canada increased their price target on Globus Medical from $80.00 to $92.00 and gave the company an "outperform" rating in a research note on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.91.

Globus Medical Trading Up 0.6 %

Shares of NYSE:GMED traded up $0.54 on Friday, hitting $87.09. The company had a trading volume of 2,977,205 shares, compared to its average volume of 1,324,467. The stock has a 50 day moving average price of $83.06 and a 200 day moving average price of $75.16. The stock has a market cap of $11.86 billion, a price-to-earnings ratio of 129.99, a P/E/G ratio of 1.97 and a beta of 1.19. Globus Medical has a 1-year low of $49.33 and a 1-year high of $90.48.

Globus Medical (NYSE:GMED - Get Free Report) last announced its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million for the quarter, compared to analysts' expectations of $604.69 million. During the same period last year, the firm earned $0.57 earnings per share. The business's revenue for the quarter was up 63.1% on a year-over-year basis. Sell-side analysts anticipate that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

In related news, SVP Kelly Huller sold 2,500 shares of the company's stock in a transaction that occurred 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 legal filing with the SEC, which is available through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the firm's stock in a transaction dated 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 sale, the director now owns 536,275 shares in the company, valued at $40,242,076. The trade was a 5.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock worth $7,674,950 over the last quarter. Corporate insiders own 18.54% of the company's stock.

Institutional Investors Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC purchased a new position in shares of Globus Medical in the third quarter valued at about $27,000. Ashton Thomas Private Wealth LLC purchased a new position in Globus Medical during the 2nd quarter valued at about $33,000. Quarry LP lifted its holdings in Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company's stock worth $35,000 after buying an additional 433 shares during the period. Farther Finance Advisors LLC lifted its holdings in Globus Medical by 230.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company's stock worth $39,000 after buying an additional 385 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Globus Medical by 40.7% in the 3rd quarter. GAMMA Investing LLC now owns 888 shares of the medical device company's stock worth $64,000 after buying an additional 257 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Company 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.