Globus Medical (NYSE:GMED) Downgraded by StockNews.com to Hold

Globus Medical (NYSE:GMED - Get Free Report) was downgraded by stock analysts at StockNews.com from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday.

A number of other research analysts have also recently commented on GMED. Barclays upped their price target on shares of Globus Medical from $85.00 to $93.00 and gave the stock an "overweight" rating in a report on Thursday, August 8th. Truist Financial lifted their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the company a "hold" rating in a report on Wednesday, August 7th. Morgan Stanley increased their target price on Globus Medical from $74.00 to $83.00 and gave the company an "equal weight" rating in a research report on Monday, November 11th. Canaccord Genuity Group upped their price objective on Globus Medical from $79.00 to $85.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus lifted their target price on Globus Medical from $80.00 to $92.00 and gave the company a "buy" rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $88.18.

Globus Medical Stock Performance

Shares of GMED traded up $0.26 during midday trading on Wednesday, hitting $83.58. 1,038,264 shares of the company traded hands, compared to its average volume of 1,005,464. The firm has a 50 day moving average of $74.16 and a 200-day moving average of $70.35. Globus Medical has a 52 week low of $44.02 and a 52 week high of $84.87. The stock has a market cap of $11.38 billion, a price-to-earnings ratio of 124.75, a PEG ratio of 1.94 and a beta of 1.17.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $625.71 million during the quarter, compared to analysts' expectations of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The business's revenue was up 63.1% on a year-over-year basis. During the same period last year, the company posted $0.57 EPS. Sell-side analysts predict that Globus Medical will post 2.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares of the company's stock, valued at approximately $3,017,318.24. This trade represents a 25.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Daniel T. Scavilla sold 60,000 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The stock was 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. Over the last ninety days, insiders sold 110,000 shares of company stock valued at $8,512,850. 18.54% of the stock is owned by company insiders.

Institutional Trading of Globus Medical

A number of institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp boosted its stake in Globus Medical by 2.3% during the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company's stock worth $255,450,000 after purchasing an additional 81,371 shares during the last quarter. Burgundy Asset Management Ltd. grew its stake in Globus Medical by 1.4% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 2,514,891 shares of the medical device company's stock valued at $172,245,000 after acquiring an additional 35,054 shares in the last quarter. Geode Capital Management LLC raised its holdings in Globus Medical by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,885,061 shares of the medical device company's stock valued at $134,893,000 after acquiring an additional 21,935 shares during the last quarter. Magnetar Financial LLC lifted its stake in Globus Medical by 1.7% in the 2nd quarter. Magnetar Financial LLC now owns 1,718,487 shares of the medical device company's stock worth $117,699,000 after purchasing an additional 29,200 shares in the last quarter. Finally, Geneva Capital Management LLC boosted its holdings in shares of Globus Medical by 1.1% during the 3rd quarter. Geneva Capital Management LLC now owns 1,598,130 shares of the medical device company's stock worth $114,330,000 after purchasing an additional 18,117 shares during the last quarter. Hedge funds and other 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.