Globus Medical (NYSE:GMED) Reaches New 12-Month High - Should You Buy?

Shares of Globus Medical, Inc. (NYSE:GMED - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $76.13 and last traded at $75.91, with a volume of 128286 shares changing hands. The stock had previously closed at $74.72.

Wall Street Analyst Weigh In

Several research firms recently commented on GMED. Morgan Stanley boosted their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the stock an "equal weight" rating in a research report on Monday, July 15th. Royal Bank of Canada raised their price objective on shares of Globus Medical from $78.00 to $80.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 8th. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a report on Wednesday, August 7th. Wells Fargo & Company upgraded Globus Medical from an "equal weight" rating to an "overweight" rating and upped their price objective for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. Finally, Truist Financial boosted their target price on shares of Globus Medical from $78.00 to $79.00 and gave the company a "hold" rating in a research note on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Globus Medical presently has a consensus rating of "Moderate Buy" and a consensus target price of $77.78.

Globus Medical Stock Performance

The company has a market capitalization of $10.24 billion, a PE ratio of 251.97, a P/E/G ratio of 2.07 and a beta of 1.17. The business has a fifty day moving average price of $71.69 and a 200 day moving average price of $68.06.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.07. The company had revenue of $629.69 million during the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. Globus Medical's revenue for the quarter was up 115.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.63 earnings per share. Research analysts forecast that Globus Medical, Inc. will post 2.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the sale, the director now owns 536,275 shares in the company, valued at $40,242,076. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director David D. Davidar sold 30,000 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the completion of the transaction, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction on 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 completion of the sale, the director now owns 42,884 shares of the company's stock, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Globus Medical

Several large investors have recently modified their holdings of the stock. V Square Quantitative Management LLC acquired a new position in Globus Medical in the third quarter worth $27,000. Ashton Thomas Private Wealth LLC acquired a new stake in Globus Medical during the second quarter worth about $33,000. Farther Finance Advisors LLC lifted its holdings 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 worth $39,000 after acquiring an additional 385 shares during the last quarter. GAMMA Investing LLC grew its holdings 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 during the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Globus Medical in the 2nd quarter worth approximately $52,000. 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.