Globus Medical, Inc. (NYSE:GMED) CEO Daniel T. Scavilla Sells 60,000 Shares

Globus Medical, Inc. (NYSE:GMED - Get Free Report) CEO Daniel T. Scavilla sold 60,000 shares of the company's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Globus Medical Price Performance

Shares of NYSE:GMED traded down $1.09 on Friday, hitting $80.88. The company's stock had a trading volume of 1,804,199 shares, compared to its average volume of 934,414. The company has a market capitalization of $10.95 billion, a PE ratio of 120.72, a PEG ratio of 2.19 and a beta of 1.17. The company has a 50-day simple moving average of $72.28 and a 200 day simple moving average of $68.46. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $84.87.

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

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Morgan Stanley boosted their price target 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 boosted their target price on shares of Globus Medical from $85.00 to $93.00 and gave the company an "overweight" rating in a report on Thursday, August 8th. Piper Sandler raised their price target on Globus Medical from $80.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday. Wells Fargo & Company boosted their price objective on Globus Medical from $78.00 to $88.00 and gave the company an "overweight" rating in a research note on Wednesday. Finally, Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $87.09.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC boosted its stake in Globus Medical by 291.3% in 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. Segall Bryant & Hamill LLC raised its stake in shares of Globus Medical by 7.2% during the third quarter. Segall Bryant & Hamill LLC now owns 387,737 shares of the medical device company's stock worth $27,739,000 after acquiring an additional 26,047 shares in the last quarter. Pathstone Holdings LLC lifted its holdings in shares of Globus Medical by 2.6% in the 3rd quarter. Pathstone Holdings LLC now owns 41,007 shares of the medical device company's stock worth $2,934,000 after acquiring an additional 1,055 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Globus Medical in the 3rd quarter valued at $523,000. Finally, Sheaff Brock Investment Advisors LLC grew its holdings in shares of Globus Medical by 0.8% during the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 39,024 shares of the medical device company's stock valued at $2,792,000 after purchasing an additional 321 shares during the last quarter. 95.16% of the stock is currently owned by hedge funds and other 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.