Prudential Financial Inc. Purchases 3,637 Shares of Globus Medical, Inc. (NYSE:GMED)

Prudential Financial Inc. boosted its stake in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 29.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,906 shares of the medical device company's stock after buying an additional 3,637 shares during the period. Prudential Financial Inc.'s holdings in Globus Medical were worth $1,316,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GMED. SBI Securities Co. Ltd. purchased a new stake in Globus Medical during the 4th quarter valued at $27,000. Quarry LP lifted its position in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company's stock valued at $35,000 after purchasing an additional 433 shares in the last quarter. UMB Bank n.a. lifted its position in Globus Medical by 60.2% during the fourth quarter. UMB Bank n.a. now owns 548 shares of the medical device company's stock valued at $45,000 after purchasing an additional 206 shares in the last quarter. V Square Quantitative Management LLC lifted its position in Globus Medical by 52.0% during the fourth quarter. V Square Quantitative Management LLC now owns 576 shares of the medical device company's stock valued at $48,000 after purchasing an additional 197 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its position in Globus Medical by 24.7% during the fourth quarter. First Horizon Advisors Inc. now owns 666 shares of the medical device company's stock valued at $55,000 after purchasing an additional 132 shares in the last quarter. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CFO Keith W. Pfeil sold 14,167 shares of the company's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total value of $1,250,804.43. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 18.54% of the company's stock.

Globus Medical Stock Down 3.0 %

NYSE GMED traded down $2.20 during midday trading on Thursday, hitting $72.08. The company had a trading volume of 87,893 shares, compared to its average volume of 1,035,501. The firm has a fifty day simple moving average of $78.02 and a two-hundred day simple moving average of $79.99. Globus Medical, Inc. has a fifty-two week low of $49.33 and a fifty-two week high of $94.93. The stock has a market cap of $9.91 billion, a price-to-earnings ratio of 96.11, a P/E/G ratio of 1.61 and a beta of 1.28.

Globus Medical (NYSE:GMED - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.74 by $0.10. The business had revenue of $657.29 million during the quarter, compared to the consensus estimate of $646.19 million. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. As a group, equities analysts predict that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on GMED shares. Stifel Nicolaus boosted their target price on Globus Medical from $92.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, February 21st. BTIG Research upped their target price on Globus Medical from $87.00 to $91.00 and gave the company a "buy" rating in a research report on Thursday, December 12th. Canaccord Genuity Group increased their target price on shares of Globus Medical from $92.00 to $101.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Truist Financial cut their price target on shares of Globus Medical from $90.00 to $82.00 and set a "hold" rating for the company in a report on Tuesday, March 18th. Finally, Barclays increased their price objective on shares of Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $97.09.

Globus Medical 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.