Globus Medical (NYSE:GMED) Receives "Hold" Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Globus Medical (NYSE:GMED - Free Report) in a report issued on Wednesday, Benzinga reports.

Several other analysts also recently weighed in on GMED. Bank of America raised their target price on Globus Medical from $55.00 to $80.00 and gave the company an "underperform" rating in a research note on Wednesday. Wells Fargo & Company raised Globus Medical from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $60.00 to $78.00 in a report on Wednesday, August 7th. Truist Financial lifted their target price on Globus Medical from $78.00 to $79.00 and gave the company a "hold" rating in a research note on Wednesday, August 7th. Barclays increased their price target on Globus Medical from $85.00 to $93.00 and gave the stock an "overweight" rating in a research note on Thursday, August 8th. Finally, BTIG Research lifted their price objective on shares of Globus Medical from $77.00 to $78.00 and gave the company a "buy" rating in a research note on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $87.09.

Globus Medical Trading Up 8.2 %

Shares of GMED traded up $6.20 during mid-day trading on Wednesday, reaching $81.78. The company had a trading volume of 2,750,608 shares, compared to its average volume of 992,945. The stock has a market cap of $11.07 billion, a price-to-earnings ratio of 270.17, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. The firm has a fifty day simple moving average of $71.69 and a 200-day simple moving average of $68.06. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $84.74.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. The company had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. The company's quarterly revenue was up 63.1% compared to the same quarter last year. During the same period last year, the business posted $0.57 EPS. As a group, equities analysts predict that Globus Medical will post 2.84 EPS for the current fiscal year.

Insider Activity at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the firm's stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the business's stock in a transaction that occurred on Wednesday, October 16th. The shares were 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 in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 18.54% of the stock is owned by corporate insiders.

Institutional Trading of Globus Medical

Hedge funds and other institutional investors have recently modified their holdings of the stock. Burgundy Asset Management Ltd. grew its position in shares of Globus Medical by 1.4% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company's stock valued at $172,245,000 after purchasing an additional 35,054 shares during the period. Champlain Investment Partners LLC boosted its position in shares of Globus Medical by 25.2% during the first quarter. Champlain Investment Partners LLC now owns 2,504,383 shares of the medical device company's stock worth $134,335,000 after buying an additional 503,745 shares during the period. Magnetar Financial LLC grew its holdings in shares of Globus Medical by 1.7% during the second quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company's stock worth $117,699,000 after buying an additional 29,200 shares in the last quarter. Geneva Capital Management LLC raised its position in Globus Medical by 1.1% in the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company's stock valued at $114,330,000 after buying an additional 18,117 shares during the last quarter. Finally, AXA S.A. lifted its stake in Globus Medical by 0.5% in the 2nd quarter. AXA S.A. now owns 1,478,242 shares of the medical device company's stock valued at $101,245,000 after acquiring an additional 7,443 shares in the last quarter. Institutional investors and hedge funds 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.