Globus Medical (NYSE:GMED) Stock Rating Upgraded by Bank of America

Bank of America upgraded shares of Globus Medical (NYSE:GMED - Free Report) from an underperform rating to a neutral rating in a research note released on Thursday morning,Benzinga reports. The brokerage currently has $97.00 target price on the medical device company's stock, up from their previous target price of $80.00.

GMED has been the subject of a number of other research reports. Morgan Stanley raised Globus Medical from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research note on Thursday. Truist Financial increased their price objective on shares of Globus Medical from $85.00 to $90.00 and gave the company a "hold" rating in a report on Wednesday, December 18th. StockNews.com downgraded shares of Globus Medical from a "buy" rating to a "hold" rating in a report on Wednesday, November 20th. Finally, Wells Fargo & Company upped their target price on shares of Globus Medical from $88.00 to $95.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 11th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $96.09.

Globus Medical Stock Performance

Shares of GMED stock traded up $2.89 during mid-day trading on Thursday, reaching $86.34. 1,473,717 shares of the company's stock traded hands, compared to its average volume of 993,656. The firm has a market capitalization of $11.76 billion, a PE ratio of 128.87, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. Globus Medical has a 12 month low of $49.33 and a 12 month high of $87.22. The firm has a 50 day moving average price of $82.81 and a two-hundred day moving average price of $75.02.

Globus Medical (NYSE:GMED - Get Free Report) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. Globus Medical's quarterly revenue was up 63.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 earnings per share. As a group, equities analysts expect that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In related news, SVP Kelly Huller sold 2,500 shares of the company's stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $87.00, for a total transaction of $217,500.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 97,500 shares of company stock worth $7,674,950 over the last ninety days. Company insiders own 18.54% of the company's stock.

Institutional Trading of Globus Medical

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC bought a new position in shares of Globus Medical in the second quarter worth about $611,000. Quest Partners LLC purchased a new stake in Globus Medical in the 3rd quarter valued at about $523,000. Intech Investment Management LLC grew its stake in Globus Medical by 291.3% in the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company's stock worth $1,469,000 after acquiring an additional 15,283 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Globus Medical during the third quarter worth approximately $2,709,000. Finally, AXA S.A. raised its stake in shares of Globus Medical by 0.5% during the second 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. Hedge funds and other 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.