Globus Medical (NYSE:GMED) Price Target Lowered to $82.00 at Truist Financial

Globus Medical (NYSE:GMED - Get Free Report) had its price target cut by analysts at Truist Financial from $90.00 to $82.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "hold" rating on the medical device company's stock. Truist Financial's price objective points to a potential upside of 11.31% from the stock's previous close.

A number of other equities research analysts have also recently issued reports on GMED. Morgan Stanley raised shares of Globus Medical from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. StockNews.com raised shares of Globus Medical from a "hold" rating to a "buy" rating in a research note on Thursday, March 13th. BTIG Research lifted their target price on shares of Globus Medical from $87.00 to $91.00 and gave the stock a "buy" rating in a research note on Thursday, December 12th. Barclays lifted their target price on shares of Globus Medical from $100.00 to $103.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Globus Medical in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.09.

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Globus Medical Stock Performance

Globus Medical stock traded down $0.25 during trading on Tuesday, reaching $73.67. The company had a trading volume of 2,666,907 shares, compared to its average volume of 994,248. The firm's 50-day simple moving average is $83.61 and its 200 day simple moving average is $79.77. Globus Medical has a 1-year low of $49.33 and a 1-year high of $94.93. The firm has a market capitalization of $10.13 billion, a PE ratio of 98.22, a price-to-earnings-growth ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.74 by $0.10. Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The firm had revenue of $657.29 million for the quarter, compared to analysts' expectations of $646.19 million. Analysts anticipate that Globus Medical will post 3.44 EPS for the current year.

Insider Activity at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the business'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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 18.54% of the stock is owned by insiders.

Institutional Trading of Globus Medical

Institutional investors and hedge funds have recently bought and sold shares of the business. SBI Securities Co. Ltd. purchased a new stake in Globus Medical during the fourth quarter worth about $27,000. Quarry LP increased its stake in Globus Medical by 698.4% during the third quarter. Quarry LP now owns 495 shares of the medical device company's stock worth $35,000 after purchasing an additional 433 shares during the period. UMB Bank n.a. increased its stake 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 worth $45,000 after purchasing an additional 206 shares during the period. V Square Quantitative Management LLC increased its stake 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 worth $48,000 after purchasing an additional 197 shares during the period. Finally, First Horizon Advisors Inc. increased its stake 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 worth $55,000 after purchasing an additional 132 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.