Globus Medical (NYSE:GMED) Price Target Raised to $90.00 at Truist Financial

Globus Medical (NYSE:GMED - Get Free Report) had its price objective raised by analysts at Truist Financial from $85.00 to $90.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a "hold" rating on the medical device company's stock. Truist Financial's target price suggests a potential upside of 10.05% from the company's previous close.

A number of other equities research analysts also recently issued reports on GMED. Canaccord Genuity Group upped their price objective on shares of Globus Medical from $85.00 to $92.00 and gave the stock a "buy" rating in a research report on Monday, December 9th. Piper Sandler boosted their price target on shares of Globus Medical from $80.00 to $100.00 and gave the stock an "overweight" rating in a report on Wednesday, November 6th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Wednesday, November 6th. BTIG Research boosted their target price on shares of Globus Medical from $87.00 to $91.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Finally, StockNews.com lowered shares of Globus Medical from a "buy" rating to a "hold" rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.55.

Globus Medical Price Performance

Shares of NYSE:GMED traded down $1.64 during trading on Wednesday, reaching $81.78. 1,347,038 shares of the stock were exchanged, compared to its average volume of 995,014. The stock has a fifty day moving average of $79.54 and a two-hundred day moving average of $73.17. Globus Medical has a 1-year low of $49.33 and a 1-year high of $87.22. The firm has a market cap of $11.14 billion, a price-to-earnings ratio of 122.06, a price-to-earnings-growth ratio of 1.99 and a beta of 1.19.

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 firm had revenue of $625.71 million during the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The company's revenue for the quarter was up 63.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS. Sell-side analysts forecast that Globus Medical will post 2.97 EPS for the current year.

Insider Buying and Selling

In other news, Director David D. Davidar sold 30,000 shares of the firm's stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the sale, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 transaction of $217,500.00. The disclosure for this sale can be found here. Insiders sold a total of 97,500 shares of company stock worth $7,674,950 over the last ninety days. 18.54% of the stock is owned by corporate insiders.

Institutional Trading of Globus Medical

A number of hedge funds have recently bought and sold shares of GMED. Wealth Enhancement Advisory Services LLC lifted its position in Globus Medical by 12.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 5,497 shares of the medical device company's stock valued at $376,000 after purchasing an additional 609 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in Globus Medical by 5.9% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,017 shares of the medical device company's stock valued at $481,000 after buying an additional 390 shares during the last quarter. Raymond James & Associates boosted its position in Globus Medical by 14.7% during the 2nd quarter. Raymond James & Associates now owns 275,945 shares of the medical device company's stock valued at $18,899,000 after buying an additional 35,402 shares during the period. Nisa Investment Advisors LLC grew its holdings in 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 worth $80,000 after acquiring an additional 160 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC purchased a new position in shares of Globus Medical in the second quarter valued at about $249,000. 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.