Globus Medical's (GMED) "Hold" Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Globus Medical (NYSE:GMED - Free Report) in a research report released on Tuesday,Benzinga reports.

Several other equities research analysts have also issued reports on GMED. Roth Mkm raised their target price on shares of Globus Medical from $100.00 to $115.00 and gave the stock a "buy" rating in a report on Tuesday, December 17th. Barclays raised their target price on shares of Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. BTIG Research raised their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Truist Financial raised their target price on shares of Globus Medical from $85.00 to $90.00 and gave the stock a "hold" rating in a report on Wednesday, December 18th. Finally, Wells Fargo & Company reduced their price target on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $97.09.

Globus Medical Stock Performance

GMED stock traded down $0.25 during trading on Tuesday, hitting $73.67. 2,666,907 shares of the company's stock traded hands, compared to its average volume of 993,706. Globus Medical has a 52 week low of $49.33 and a 52 week high of $94.93. The business has a fifty day simple moving average of $83.61 and a 200 day simple moving average of $79.71. The stock has a market capitalization of $10.13 billion, a price-to-earnings ratio of 98.22, a P/E/G ratio of 1.61 and a beta of 1.19.

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Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.74 by $0.10. The business had revenue of $657.29 million during the quarter, compared to analyst estimates of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. Research analysts forecast that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Keith W. Pfeil sold 14,167 shares of Globus Medical stock in a transaction on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 18.54% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. 111 Capital purchased a new position in shares of Globus Medical in the 4th quarter valued at $663,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Globus Medical by 2.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 5,787 shares of the medical device company's stock worth $479,000 after purchasing an additional 150 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Globus Medical in the 4th quarter worth $16,757,000. Polar Asset Management Partners Inc. boosted its position in shares of Globus Medical by 73.6% in the 4th quarter. Polar Asset Management Partners Inc. now owns 452,274 shares of the medical device company's stock worth $37,408,000 after purchasing an additional 191,700 shares in the last quarter. Finally, Burgundy Asset Management Ltd. boosted its position in shares of Globus Medical by 1.7% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company's stock worth $216,544,000 after purchasing an additional 43,330 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.