Globus Medical (NYSE:GMED) Stock Price Expected to Rise, Roth Mkm Analyst Says

Globus Medical (NYSE:GMED - Get Free Report) had its price objective hoisted by equities researchers at Roth Mkm from $100.00 to $115.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the medical device company's stock. Roth Mkm's price objective indicates a potential upside of 37.86% from the company's previous close.

Several other equities analysts also recently weighed in on GMED. Royal Bank of Canada raised their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company an "outperform" rating in a report on Wednesday, November 6th. Piper Sandler raised their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 6th. Wells Fargo & Company upped their target price on Globus Medical from $88.00 to $95.00 and gave the company an "overweight" rating in a research note on Wednesday, December 11th. Stifel Nicolaus raised their price target on Globus Medical from $80.00 to $92.00 and gave the stock a "buy" rating in a research report on Wednesday, November 6th. Finally, Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Globus Medical has an average rating of "Moderate Buy" and a consensus price target of $93.55.

Globus Medical Trading Up 2.1 %

Shares of NYSE:GMED traded up $1.72 during trading on Tuesday, hitting $83.42. 1,383,173 shares of the stock were exchanged, compared to its average volume of 993,467. The company has a market cap of $11.36 billion, a PE ratio of 122.24, a P/E/G ratio of 1.99 and a beta of 1.19. The company has a fifty day moving average price of $79.05 and a two-hundred day moving average price of $72.99. Globus Medical has a 12-month low of $49.14 and a 12-month high of $87.22.

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

Insider Buying and Selling at Globus Medical

In related news, Director David D. Davidar sold 30,000 shares of the stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares of the company's stock, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Insiders sold 97,500 shares of company stock worth $7,674,950 in the last 90 days. 18.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Globus Medical

A number of large investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its position in Globus Medical by 12.5% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 5,497 shares of the medical device company's stock worth $376,000 after purchasing an additional 609 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Globus Medical by 5.9% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 7,017 shares of the medical device company's stock worth $481,000 after buying an additional 390 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Globus Medical in the second quarter worth $3,593,000. Raymond James & Associates increased its position in shares of Globus Medical by 14.7% in the second quarter. Raymond James & Associates now owns 275,945 shares of the medical device company's stock worth $18,899,000 after acquiring an additional 35,402 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Globus Medical by 15.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company's stock valued at $80,000 after acquiring an additional 160 shares during the period. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

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.