Wealthfront Advisers LLC Purchases Shares of 82,761 Globus Medical, Inc. (NYSE:GMED)

Wealthfront Advisers LLC acquired a new position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 82,761 shares of the medical device company's stock, valued at approximately $6,845,000. Wealthfront Advisers LLC owned 0.06% of Globus Medical at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of GMED. Raymond James Financial Inc. acquired a new stake in shares of Globus Medical during the fourth quarter worth $58,405,000. ArrowMark Colorado Holdings LLC acquired a new stake in shares of Globus Medical during the third quarter worth $43,947,000. Lord Abbett & CO. LLC acquired a new stake in shares of Globus Medical during the third quarter worth $37,948,000. Parsifal Capital Management LP lifted its holdings in shares of Globus Medical by 50.5% during the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company's stock worth $96,619,000 after buying an additional 453,053 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA acquired a new stake in shares of Globus Medical during the third quarter worth $26,406,000. Institutional investors and hedge funds own 95.16% of the company's stock.

Insider Activity at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total value of $1,250,804.43. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 18.54% of the stock is currently owned by company insiders.

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Analysts Set New Price Targets

GMED has been the subject of a number of research reports. Stifel Nicolaus lifted their target price on Globus Medical from $92.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, February 21st. Morgan Stanley raised Globus Medical from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Truist Financial boosted their price target on Globus Medical from $85.00 to $90.00 and gave the company a "hold" rating in a research note on Wednesday, December 18th. BTIG Research boosted their price target on Globus Medical from $87.00 to $91.00 and gave the company a "buy" rating in a research note on Thursday, December 12th. Finally, Wells Fargo & Company dropped their price target on Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $97.82.

Globus Medical Stock Performance

Shares of NYSE:GMED traded down $1.69 during midday trading on Thursday, hitting $69.61. 1,886,552 shares of the stock were exchanged, compared to its average volume of 1,342,136. The stock has a market capitalization of $9.57 billion, a price-to-earnings ratio of 92.81, a P/E/G ratio of 1.61 and a beta of 1.19. The business's 50-day moving average price is $85.09 and its 200 day moving average price is $79.69. Globus Medical, Inc. has a 12 month low of $49.33 and a 12 month high of $94.93.

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 for the quarter, topping the consensus estimate of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The company had revenue of $657.29 million for the quarter, compared to analysts' expectations of $646.19 million. As a group, sell-side analysts expect that Globus Medical, Inc. will post 3.44 EPS for the current year.

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.