Insider Selling: Globus Medical, Inc. (NYSE:GMED) SVP Sells $405,050.00 in Stock

Globus Medical, Inc. (NYSE:GMED) SVP Kelly Huller sold 5,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Globus Medical Stock Performance

GMED opened at $80.88 on Monday. The firm has a market cap of $10.95 billion, a price-to-earnings ratio of 120.72, a PEG ratio of 1.93 and a beta of 1.17. The firm’s 50-day simple moving average is $72.28 and its 200-day simple moving average is $68.58. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $84.87.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The firm had revenue of $625.71 million for the quarter, compared to analysts’ expectations of $604.69 million. During the same period in the prior year, the firm earned $0.57 earnings per share. The company’s quarterly revenue was up 63.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Globus Medical, Inc. will post 2.97 EPS for the current fiscal year.

Institutional Trading of Globus Medical

A number of hedge funds and other institutional investors have recently made changes to their positions in GMED. V Square Quantitative Management LLC acquired a new position in shares of Globus Medical during the third quarter valued at $27,000. Ashton Thomas Private Wealth LLC bought a new stake in shares of Globus Medical during the 2nd quarter valued at $33,000. Farther Finance Advisors LLC raised its position in shares of Globus Medical by 230.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 552 shares of the medical device company’s stock valued at $39,000 after acquiring an additional 385 shares during the last quarter. GAMMA Investing LLC lifted its stake in Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after buying an additional 453 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Globus Medical during the 2nd quarter worth approximately $52,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently weighed in on GMED. Piper Sandler increased their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Morgan Stanley increased their price target on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Canaccord Genuity Group boosted their price objective on shares of Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. Bank of America increased their target price on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday, November 6th. Finally, Barclays upped their price target on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and an average price target of $87.09.

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.