Harbour Capital Advisors LLC Makes New $359,000 Investment in Globus Medical, Inc. (NYSE:GMED)

Harbour Capital Advisors LLC purchased a new stake in Globus Medical, Inc. (NYSE:GMED) during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 5,090 shares of the medical device company’s stock, valued at approximately $359,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC acquired a new stake in Globus Medical during the 2nd quarter worth $33,000. GAMMA Investing LLC lifted its position in Globus Medical by 254.5% during the 2nd quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock worth $43,000 after buying an additional 453 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Globus Medical during the 2nd quarter worth about $52,000. Nisa Investment Advisors LLC increased its stake in shares of Globus Medical by 15.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,165 shares of the medical device company’s stock worth $80,000 after purchasing an additional 160 shares during the last quarter. Finally, Mather Group LLC. acquired a new position in shares of Globus Medical during the 1st quarter worth about $69,000. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Price Performance

GMED stock opened at $72.82 on Friday. Globus Medical, Inc. has a one year low of $43.38 and a one year high of $75.98. The stock has a market cap of $9.86 billion, a PE ratio of 113.78, a P/E/G ratio of 1.94 and a beta of 1.17. The firm has a 50 day simple moving average of $70.70 and a two-hundred day simple moving average of $65.98.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.07. The business had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. The firm’s revenue for the quarter was up 115.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.63 EPS. On average, research analysts expect that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GMED has been the topic of a number of research reports. Truist Financial upped their price target on shares of Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Morgan Stanley upped their price target on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Barclays increased their price objective on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Wells Fargo & Company upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $60.00 to $78.00 in a research report on Wednesday, August 7th. Finally, BTIG Research upped their price target on shares of Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and an average target price of $77.50.

Insider Buying and Selling

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares in the company, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the transaction, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is owned by company insiders.

Globus Medical 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.