HighTower Advisors LLC Sells 6,499 Shares of Globus Medical, Inc. (NYSE:GMED)

HighTower Advisors LLC cut its stake in Globus Medical, Inc. (NYSE:GMED - Free Report) by 14.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,067 shares of the medical device company's stock after selling 6,499 shares during the period. HighTower Advisors LLC's holdings in Globus Medical were worth $2,788,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. ArrowMark Colorado Holdings LLC purchased a new stake in shares of Globus Medical in the third quarter valued at about $43,947,000. Atom Investors LP boosted its stake in shares of Globus Medical by 126.0% in the third quarter. Atom Investors LP now owns 43,557 shares of the medical device company's stock valued at $3,116,000 after buying an additional 24,288 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Globus Medical during the 3rd quarter worth $404,000. Edgestream Partners L.P. acquired a new stake in shares of Globus Medical in the 3rd quarter worth approximately $1,541,000. Finally, Verition Fund Management LLC grew its stake in Globus Medical by 7.1% in the 3rd quarter. Verition Fund Management LLC now owns 9,980 shares of the medical device company's stock valued at $714,000 after acquiring an additional 665 shares during the last quarter. Institutional investors and hedge funds own 95.16% of the company's stock.

Insider Transactions at Globus Medical

In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the company's stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total value of $4,801,200.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction on 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 directly owns 536,275 shares of the company's stock, valued at $40,242,076. This represents a 5.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 97,500 shares of company stock worth $7,674,950. 18.54% of the stock is owned by company insiders.

Globus Medical Trading Down 0.4 %

Shares of Globus Medical stock traded down $0.29 on Friday, reaching $82.42. 975,160 shares of the company were exchanged, compared to its average volume of 992,817. The company has a market capitalization of $11.22 billion, a price-to-earnings ratio of 123.45, a PEG ratio of 1.99 and a beta of 1.19. Globus Medical, Inc. has a one year low of $49.14 and a one year high of $87.22. The company has a 50-day moving average of $78.58 and a 200 day moving average of $72.66.

Globus Medical (NYSE:GMED - Get Free Report) last issued its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.18. The business had revenue of $625.71 million during 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 revenue was up 63.1% on a year-over-year basis. During the same period last year, the business posted $0.57 EPS. Analysts predict that Globus Medical, Inc. will post 2.97 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Roth Mkm reiterated a "buy" rating and set a $100.00 price target on shares of Globus Medical in a report on Wednesday, November 6th. StockNews.com lowered shares of Globus Medical from a "buy" rating to a "hold" rating in a report on Wednesday, November 20th. Stifel Nicolaus boosted their price objective on Globus Medical from $80.00 to $92.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Morgan Stanley upgraded Globus Medical from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Finally, Piper Sandler boosted their price target on Globus Medical from $80.00 to $100.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $92.18.

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.