Globus Medical (NYSE:GMED) Hits New 52-Week High - Should You Buy?

Shares of Globus Medical, Inc. (NYSE:GMED - Get Free Report) hit a new 52-week high on Wednesday . The company traded as high as $92.42 and last traded at $92.33, with a volume of 1546402 shares changing hands. The stock had previously closed at $90.80.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on GMED shares. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Thursday, January 9th. Bank of America upgraded shares of Globus Medical from an "underperform" rating to a "neutral" rating and raised their price target for the company from $80.00 to $97.00 in a research note on Thursday, January 9th. BTIG Research upped their price objective on shares of Globus Medical from $87.00 to $91.00 and gave the stock a "buy" rating in a research report on Thursday, December 12th. Wells Fargo & Company increased their price objective on shares of Globus Medical from $88.00 to $95.00 and gave the company an "overweight" rating in a research note on Wednesday, December 11th. Finally, Morgan Stanley raised shares of Globus Medical from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $83.00 to $100.00 in a research note on Monday, December 2nd. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical currently has a consensus rating of "Moderate Buy" and an average target price of $96.91.

Globus Medical Trading Up 0.9 %

The business has a 50-day simple moving average of $84.43 and a 200 day simple moving average of $76.33. The stock has a market cap of $12.70 billion, a P/E ratio of 139.18, a price-to-earnings-growth ratio of 1.73 and a beta of 1.19.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) 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 firm had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. During the same quarter last year, the business earned $0.57 EPS. The company's revenue was up 63.1% compared to the same quarter last year. As a group, equities analysts expect that Globus Medical, Inc. will post 2.98 earnings per share for the current year.

Insiders Place Their Bets

In other 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 document filed with the SEC, which is accessible through this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of the firm's stock in a transaction dated 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. In the last ninety days, insiders sold 81,667 shares of company stock worth $6,674,554. Company insiders own 18.54% of the company's stock.

Institutional Investors Weigh In On Globus Medical

Hedge funds have recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its holdings in shares of Globus Medical by 1.5% in the 4th quarter. Pacer Advisors Inc. now owns 24,792 shares of the medical device company's stock worth $2,051,000 after acquiring an additional 370 shares during the last quarter. KBC Group NV raised its stake in shares of Globus Medical by 1.5% in the fourth quarter. KBC Group NV now owns 46,183 shares of the medical device company's stock worth $3,820,000 after purchasing an additional 678 shares during the last quarter. Encompass More Asset Management purchased a new stake in shares of Globus Medical in the fourth quarter worth approximately $545,000. Fort Washington Investment Advisors Inc. OH lifted its holdings in shares of Globus Medical by 0.3% in the fourth quarter. Fort Washington Investment Advisors Inc. OH now owns 415,241 shares of the medical device company's stock valued at $34,345,000 after purchasing an additional 1,130 shares in the last quarter. Finally, Atomi Financial Group Inc. boosted its position in shares of Globus Medical by 41.9% during the fourth quarter. Atomi Financial Group Inc. now owns 5,120 shares of the medical device company's stock valued at $423,000 after buying an additional 1,512 shares during the last quarter. Institutional investors and hedge funds 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.