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

Globus Medical, Inc. (NYSE:GMED - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the twelve brokerages that are covering the stock, MarketBeat Ratings reports. Three investment 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 brokers that have issued a report on the stock in the last year is $96.91.

Several research analysts recently weighed in on GMED shares. StockNews.com downgraded Globus Medical from a "buy" rating to a "hold" rating in a research note on Wednesday, November 20th. Morgan Stanley upgraded shares of Globus Medical from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $83.00 to $100.00 in a report on Monday, December 2nd. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research note on Thursday. Canaccord Genuity Group upped their price target on shares of Globus Medical from $92.00 to $101.00 and gave the company a "buy" rating in a research note on Friday. Finally, Bank of America raised shares of Globus Medical from an "underperform" rating to a "neutral" rating and boosted their price objective for the company from $80.00 to $97.00 in a report on Thursday.

Insider Buying and Selling

In related news, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Kelly Huller sold 2,500 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 97,500 shares of company stock valued at $7,674,950. Corporate insiders own 18.54% of the company's stock.

Institutional Trading of Globus Medical

A number of hedge funds have recently bought and sold shares of GMED. V Square Quantitative Management LLC purchased a new stake in shares of Globus Medical in the third quarter valued at about $27,000. Ashton Thomas Private Wealth LLC purchased a new stake in shares of Globus Medical during the 2nd quarter valued at approximately $33,000. Quarry LP lifted its holdings in Globus Medical by 698.4% in the third quarter. Quarry LP now owns 495 shares of the medical device company's stock valued at $35,000 after acquiring an additional 433 shares during the last quarter. Farther Finance Advisors LLC grew its position in Globus Medical by 230.5% in the third quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company's stock worth $39,000 after acquiring an additional 385 shares during the period. Finally, GAMMA Investing LLC increased its stake in Globus Medical by 40.7% during the third quarter. GAMMA Investing LLC now owns 888 shares of the medical device company's stock worth $64,000 after acquiring an additional 257 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Globus Medical Price Performance

NYSE GMED traded up $0.54 during trading on Friday, reaching $87.09. 2,977,205 shares of the company's stock traded hands, compared to its average volume of 1,324,467. Globus Medical has a 12-month low of $49.33 and a 12-month high of $90.48. The firm has a market cap of $11.86 billion, a price-to-earnings ratio of 129.99, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. The company's 50 day simple moving average is $83.06 and its two-hundred day simple moving average is $75.27.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts' consensus estimates of $0.65 by $0.18. The firm had revenue of $625.71 million during the quarter, compared to analysts' expectations of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm's quarterly revenue was up 63.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.57 EPS. Research analysts expect that Globus Medical 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.