Globus Medical (NYSE:GMED) Receives Hold Rating from Needham & Company LLC

Globus Medical (NYSE:GMED - Get Free Report)'s stock had its "hold" rating restated by Needham & Company LLC in a research note issued on Thursday,Benzinga reports.

Several other analysts have also recently commented on GMED. BTIG Research raised their price target 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. StockNews.com lowered Globus Medical from a "buy" rating to a "hold" rating in a research note on Wednesday, November 20th. Stifel Nicolaus upped their price target on Globus Medical from $80.00 to $92.00 and gave the company a "buy" rating in a research report on Wednesday, November 6th. Wells Fargo & Company increased their target price on Globus Medical from $88.00 to $95.00 and gave the stock an "overweight" rating in a report on Wednesday, December 11th. Finally, Royal Bank of Canada upped their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company an "outperform" rating in a research report on Wednesday, November 6th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $96.09.

Globus Medical Stock Performance

Globus Medical stock traded up $2.89 during trading on Thursday, hitting $86.34. The company's stock had a trading volume of 1,473,717 shares, compared to its average volume of 993,656. The stock's fifty day moving average is $82.81 and its 200 day moving average is $75.02. Globus Medical has a 1-year low of $49.33 and a 1-year high of $87.22. The stock has a market capitalization of $11.76 billion, a price-to-earnings ratio of 128.87, a P/E/G ratio of 1.97 and a beta of 1.19.

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

Insider Transactions at Globus Medical

In related news, SVP Kelly Huller sold 2,500 shares of the company's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company'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 sold 97,500 shares of company stock valued at $7,674,950 over the last three months. Company insiders own 18.54% of the company's stock.

Institutional Investors Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GMED. Select Equity Group L.P. bought a new stake in Globus Medical during the 2nd quarter valued at $91,711,000. Millennium Management LLC boosted its holdings in Globus Medical by 1,171.5% in the second quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company's stock worth $93,409,000 after acquiring an additional 1,256,570 shares in the last quarter. ArrowMark Colorado Holdings LLC acquired a new stake in Globus Medical in the 3rd quarter worth approximately $43,947,000. Lord Abbett & CO. LLC purchased a new stake in shares of Globus Medical during the third quarter valued at $37,948,000. Finally, Parsifal Capital Management LP raised its stake in shares of Globus Medical by 50.5% in the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company's stock worth $96,619,000 after purchasing an additional 453,053 shares during the last quarter. 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.