Brokerages Set Globus Medical, Inc. (NYSE:GMED) PT at $96.91

Shares of Globus Medical, Inc. (NYSE:GMED - Get Free Report) have received an average recommendation of "Moderate Buy" from the twelve analysts that are presently covering the firm, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $96.91.

Several brokerages recently commented on GMED. Canaccord Genuity Group boosted their price target on Globus Medical from $92.00 to $101.00 and gave the stock a "buy" rating in a research report on Friday, January 10th. Barclays lifted their target price on shares of Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Bank of America upgraded shares of Globus Medical from an "underperform" rating to a "neutral" rating and increased their target price for the company from $80.00 to $97.00 in a research report on Thursday, January 9th. Wells Fargo & Company lowered their price target on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Finally, Truist Financial dropped their price objective on shares of Globus Medical from $82.00 to $80.00 and set a "hold" rating for the company in a research note on Friday, April 11th.

Globus Medical Stock Performance

GMED stock traded down $0.18 during midday trading on Tuesday, reaching $72.89. The company's stock had a trading volume of 305,653 shares, compared to its average volume of 1,036,732. Globus Medical has a 1 year low of $49.33 and a 1 year high of $94.93. The firm has a market capitalization of $10.03 billion, a price-to-earnings ratio of 97.13, a PEG ratio of 1.61 and a beta of 1.28. The stock has a fifty day simple moving average of $74.54 and a two-hundred day simple moving average of $80.00.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. As a group, analysts forecast that Globus Medical will post 3.44 EPS for the current fiscal year.

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GMED. New York State Teachers Retirement System raised its stake in shares of Globus Medical by 1.2% in the first quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company's stock valued at $6,452,000 after acquiring an additional 1,027 shares in the last quarter. Wealthstar Advisors LLC purchased a new stake in Globus Medical during the 1st quarter worth about $1,116,000. KBC Group NV raised its position in Globus Medical by 1.8% in the 1st quarter. KBC Group NV now owns 47,009 shares of the medical device company's stock valued at $3,441,000 after purchasing an additional 826 shares in the last quarter. Sunbelt Securities Inc. boosted its stake in shares of Globus Medical by 4,727.0% in the 1st quarter. Sunbelt Securities Inc. now owns 1,786 shares of the medical device company's stock valued at $131,000 after buying an additional 1,749 shares during the period. Finally, Allspring Global Investments Holdings LLC acquired a new position in Globus Medical during the 1st quarter worth approximately $753,000. 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.