Morgan Stanley Upgrades Globus Medical (NYSE:GMED) to Overweight

Morgan Stanley upgraded shares of Globus Medical (NYSE:GMED - Free Report) from an equal weight rating to an overweight rating in a research report sent to investors on Monday morning, MarketBeat.com reports. Morgan Stanley currently has $100.00 target price on the medical device company's stock, up from their previous target price of $83.00.

Several other equities research analysts also recently issued reports on the company. Truist Financial increased their price target on Globus Medical from $78.00 to $79.00 and gave the stock a "hold" rating in a report on Wednesday, August 7th. Piper Sandler raised their target price on shares of Globus Medical from $80.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, November 6th. Royal Bank of Canada lifted their price target on shares of Globus Medical from $80.00 to $92.00 and gave the company an "outperform" rating in a research note on Wednesday, November 6th. Roth Mkm reissued a "buy" rating and set a $100.00 price objective on shares of Globus Medical in a research report on Wednesday, November 6th. Finally, Stifel Nicolaus boosted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $89.73.

Globus Medical Trading Down 2.0 %

Shares of NYSE:GMED traded down $1.71 during mid-day trading on Monday, reaching $83.90. The stock had a trading volume of 1,148,967 shares, compared to its average volume of 1,003,796. The firm has a market cap of $11.42 billion, a PE ratio of 125.15, a price-to-earnings-growth ratio of 2.04 and a beta of 1.17. The firm has a 50 day simple moving average of $76.26 and a two-hundred day simple moving average of $71.63. Globus Medical has a twelve month low of $44.02 and a twelve month high of $87.22.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same period last year, the business posted $0.57 earnings per share. The business's revenue for the quarter was up 63.1% compared to the same quarter last year. On average, equities analysts anticipate that Globus Medical will post 2.98 EPS for the current fiscal year.

Insider Activity at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total transaction of $405,050.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical 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 completion of the transaction, the director now directly owns 42,884 shares of the company's stock, valued at $3,017,318.24. This represents a 25.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock worth $8,512,850 in the last ninety days. 18.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently made changes to their positions in GMED. V Square Quantitative Management LLC bought a new stake in shares of Globus Medical during the third quarter worth $27,000. Ashton Thomas Private Wealth LLC bought a new stake in Globus Medical during the 2nd quarter worth $33,000. Quarry LP increased its holdings in Globus Medical by 698.4% in the 3rd quarter. Quarry LP now owns 495 shares of the medical device company's stock worth $35,000 after purchasing an additional 433 shares in the last quarter. Farther Finance Advisors LLC raised 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 valued at $39,000 after purchasing an additional 385 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of Globus Medical by 254.5% during the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company's stock valued at $43,000 after purchasing an additional 453 shares in the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.