Globus Medical (NYSE:GMED) Hits New 12-Month High - Time to Buy?

Shares of Globus Medical, Inc. (NYSE:GMED - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $75.10 and last traded at $75.10, with a volume of 22210 shares trading hands. The stock had previously closed at $74.05.

Analyst Ratings Changes

GMED has been the subject of several analyst reports. BTIG Research raised their price target on Globus Medical from $77.00 to $78.00 and gave the company a "buy" rating in a report on Monday. Barclays boosted their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the company an "overweight" rating in a report on Thursday, August 8th. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Wednesday, August 7th. Morgan Stanley lifted their price objective on Globus Medical from $67.00 to $71.00 and gave the stock an "equal weight" rating in a report on Monday, July 15th. Finally, Truist Financial upped their price objective on Globus Medical from $78.00 to $79.00 and gave the company a "hold" rating in a research report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $77.50.

Globus Medical Stock Up 1.1 %

The company has a fifty day simple moving average of $70.71 and a 200-day simple moving average of $65.79. The firm has a market cap of $10.13 billion, a P/E ratio of 116.95, a price-to-earnings-growth ratio of 1.94 and a beta of 1.17.

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

Insider Activity

In related news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated 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 in the company, valued at approximately $3,017,318.24. 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 can be accessed through this hyperlink. Insiders own 18.54% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Leeward Investments LLC MA boosted its position in shares of Globus Medical by 27.6% during the 1st quarter. Leeward Investments LLC MA now owns 222,188 shares of the medical device company's stock valued at $11,918,000 after acquiring an additional 48,047 shares during the last quarter. Van ECK Associates Corp lifted its position in Globus Medical by 33.0% during the first quarter. Van ECK Associates Corp now owns 45,739 shares of the medical device company's stock valued at $2,453,000 after purchasing an additional 11,359 shares during the last quarter. Swedbank AB grew its stake in shares of Globus Medical by 15.4% in the 2nd quarter. Swedbank AB now owns 375,000 shares of the medical device company's stock worth $25,684,000 after buying an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of Globus Medical by 17.9% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company's stock worth $77,852,000 after buying an additional 172,605 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of Globus Medical in the 1st quarter worth about $429,000. Institutional investors own 95.16% of the company's stock.

Globus Medical Company Profile

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.