Globus Medical (NYSE:GMED) Price Target Increased to $60.00 by Analysts at Piper Sandler

Globus Medical (NYSE:GMED) had its price objective raised by Piper Sandler from $55.00 to $60.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have a neutral rating on the medical device company’s stock.

Several other research firms also recently commented on GMED. BTIG Research boosted their price objective on Globus Medical from $60.00 to $63.00 and gave the company a buy rating in a report on Wednesday. Truist Financial upped their price target on Globus Medical from $58.00 to $60.00 and gave the stock a hold rating in a report on Wednesday, February 21st. Needham & Company LLC reiterated a hold rating on shares of Globus Medical in a report on Wednesday. Royal Bank of Canada reiterated an outperform rating and set a $70.00 price target on shares of Globus Medical in a report on Thursday, January 11th. Finally, Stifel Nicolaus upped their price target on Globus Medical from $64.00 to $70.00 and gave the stock a buy rating in a report on Wednesday. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $66.50.

Globus Medical Trading Up 4.3 %

GMED stock traded up $2.67 during mid-day trading on Wednesday, reaching $64.40. The company’s stock had a trading volume of 2,366,968 shares, compared to its average volume of 1,187,162. The company has a market cap of $8.72 billion, a price-to-earnings ratio of 53.03, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The business’s 50 day moving average price is $52.50 and its 200 day moving average price is $51.26. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. Globus Medical has a 12 month low of $43.38 and a 12 month high of $65.74.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. The business had revenue of $606.67 million during the quarter, compared to the consensus estimate of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The firm’s revenue for the quarter was up 119.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 earnings per share. On average, equities research analysts predict that Globus Medical will post 2.69 EPS for the current year.

Insiders Place Their Bets

In other news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the transaction, the director now owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 24.30% of the company’s stock.

Institutional Trading of Globus Medical

A number of institutional investors have recently added to or reduced their stakes in the stock. Orion Portfolio Solutions LLC lifted its holdings in Globus Medical by 7.2% during the 1st quarter. Orion Portfolio Solutions LLC now owns 27,457 shares of the medical device company’s stock worth $1,473,000 after purchasing an additional 1,837 shares in the last quarter. Pembroke Management LTD lifted its holdings in Globus Medical by 5.2% during the 1st quarter. Pembroke Management LTD now owns 626,601 shares of the medical device company’s stock worth $33,611,000 after purchasing an additional 30,694 shares in the last quarter. State Board of Administration of Florida Retirement System lifted its holdings in Globus Medical by 12.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock worth $4,839,000 after purchasing an additional 9,754 shares in the last quarter. Motley Fool Asset Management LLC lifted its holdings in Globus Medical by 1,263.7% during the 1st quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company’s stock worth $45,496,000 after purchasing an additional 785,970 shares in the last quarter. Finally, Motley Fool Wealth Management LLC purchased a new stake in Globus Medical during the 1st quarter worth about $10,278,000. 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.