Globus Medical (NYSE:GMED) Price Target Raised to $83.00

Globus Medical (NYSE:GMED - Get Free Report) had its price objective increased by equities research analysts at Morgan Stanley from $74.00 to $83.00 in a report released on Monday,Benzinga reports. The brokerage currently has an "equal weight" rating on the medical device company's stock. Morgan Stanley's price target suggests a potential upside of 1.23% from the stock's previous close.

GMED has been the subject of a number of other reports. Wells Fargo & Company increased their target price on Globus Medical from $78.00 to $88.00 and gave the stock an "overweight" rating in a report on Wednesday, November 6th. Truist Financial lifted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a "hold" rating in a report on Wednesday, August 7th. Roth Mkm reaffirmed a "buy" rating and set a $100.00 price objective on shares of Globus Medical in a research note on Wednesday, November 6th. Bank of America boosted their target price on Globus Medical from $55.00 to $80.00 and gave the stock an "underperform" rating in a report on Wednesday, November 6th. Finally, Stifel Nicolaus raised their price target on Globus Medical from $80.00 to $92.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Globus Medical currently has an average rating of "Moderate Buy" and a consensus target price of $88.18.

Globus Medical Price Performance

Shares of Globus Medical stock traded up $1.11 during midday trading on Monday, hitting $81.99. The company had a trading volume of 1,634,052 shares, compared to its average volume of 1,004,662. Globus Medical has a 1-year low of $43.68 and a 1-year high of $84.87. The business's 50 day simple moving average is $72.28 and its two-hundred day simple moving average is $68.70. The stock has a market cap of $11.10 billion, a PE ratio of 120.72, a P/E/G ratio of 1.93 and a beta of 1.17.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly 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 firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company's quarterly revenue was up 63.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.57 earnings per share. On average, sell-side analysts expect that Globus Medical will post 2.97 EPS for the current fiscal year.

Insider Activity

In other news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the transaction, the director now owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the company'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 sale, the director now owns 42,884 shares in the company, valued at $3,017,318.24. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the business's stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock valued at $8,512,850 in the last quarter. Company insiders own 18.54% of the company's stock.

Institutional Investors Weigh In On Globus Medical

Hedge funds and other institutional investors have recently bought and sold shares of the company. Burgundy Asset Management Ltd. increased its position in shares of Globus Medical by 1.4% during the second quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company's stock worth $172,245,000 after buying an additional 35,054 shares during the period. Champlain Investment Partners LLC boosted its holdings in shares of Globus Medical by 25.2% during the 1st 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 in the last quarter. Magnetar Financial LLC lifted its position in shares of Globus Medical by 1.7% during the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company's stock valued at $117,699,000 after acquiring an additional 29,200 shares during the period. Geneva Capital Management LLC grew its holdings in Globus Medical by 1.1% in the third quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company's stock worth $114,330,000 after purchasing an additional 18,117 shares during the period. Finally, AXA S.A. grew its stake in shares of 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 buying an additional 7,443 shares during the period. 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.