Fmr LLC Purchases 29,890 Shares of Globus Medical, Inc. (NYSE:GMED)

FMR LLC grew its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 338.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,723 shares of the medical device company's stock after purchasing an additional 29,890 shares during the quarter. FMR LLC's holdings in Globus Medical were worth $2,770,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Stephens Inc. AR lifted its stake in Globus Medical by 3.4% in the third quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company's stock valued at $303,000 after acquiring an additional 138 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Globus Medical by 2.5% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company's stock valued at $403,000 after buying an additional 140 shares during the period. Nisa Investment Advisors LLC lifted its position in shares of Globus Medical by 15.9% in the second quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company's stock valued at $80,000 after buying an additional 160 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Globus Medical by 0.4% during the 2nd quarter. Van ECK Associates Corp now owns 45,922 shares of the medical device company's stock worth $3,145,000 after acquiring an additional 183 shares during the last quarter. Finally, Central Pacific Bank Trust Division raised its stake in Globus Medical by 6.2% in the 3rd quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company's stock valued at $268,000 after acquiring an additional 220 shares during the period. Institutional investors own 95.16% of the company's stock.

Insiders Place Their Bets

In related news, SVP Kelly Huller sold 2,500 shares of the business'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 document filed with the SEC, which is available at this hyperlink. Also, Director David D. Davidar sold 30,000 shares of the stock in a transaction dated Wednesday, October 16th. The stock was 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 of the company's stock, valued at approximately $40,242,076. The trade was a 5.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 97,500 shares of company stock valued at $7,674,950 in the last ninety days. 18.54% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on GMED. Piper Sandler upped their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the company an "overweight" rating in a report on Wednesday, November 6th. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research note on Wednesday, November 6th. Morgan Stanley upgraded shares of Globus Medical from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Roth Mkm reaffirmed a "buy" rating and set a $100.00 target price on shares of Globus Medical in a report on Wednesday, November 6th. Finally, Stifel Nicolaus boosted their price target on Globus Medical from $80.00 to $92.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical currently has a consensus rating of "Moderate Buy" and an average target price of $92.18.

Globus Medical Stock Performance

Shares of GMED traded down $0.29 during trading hours on Friday, reaching $82.42. The stock had a trading volume of 990,293 shares, compared to its average volume of 992,817. Globus Medical, Inc. has a 12 month low of $49.14 and a 12 month high of $87.22. The stock has a market capitalization of $11.22 billion, a PE ratio of 123.01, a PEG ratio of 1.99 and a beta of 1.19. The company's 50-day moving average is $78.81 and its two-hundred day moving average is $72.88.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $604.69 million. During the same period last year, the company earned $0.57 earnings per share. The business's quarterly revenue was up 63.1% on a year-over-year basis. Equities analysts anticipate that Globus Medical, Inc. will post 2.97 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.