Canaccord Genuity Group Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price target lifted by analysts at Canaccord Genuity Group from $92.00 to $101.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 13.17% from the company’s current price.

Several other brokerages also recently issued reports on GMED. Bank of America upgraded shares of Globus Medical from an “underperform” rating to a “neutral” rating and raised their target price for the company from $80.00 to $97.00 in a research note on Thursday. StockNews.com lowered Globus Medical from a “buy” rating to a “hold” rating in a report on Wednesday, November 20th. 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. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Thursday. Finally, Piper Sandler lifted their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $96.91.

Globus Medical Stock Performance

NYSE:GMED traded up $2.70 on Friday, reaching $89.25. The company’s stock had a trading volume of 911,780 shares, compared to its average volume of 942,176. The business’s 50-day moving average price is $82.81 and its two-hundred day moving average price is $75.02. Globus Medical has a 1-year low of $49.33 and a 1-year high of $89.93. The firm has a market cap of $12.15 billion, a PE ratio of 133.21, a PEG ratio of 1.97 and a beta of 1.19.

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

Insiders Place Their Bets

In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the stock in a transaction dated 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 completion of the sale, the director now directly owns 536,275 shares in the company, valued at approximately $40,242,076. This trade represents a 5.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Insiders sold a total of 97,500 shares of company stock valued at $7,674,950 in the last 90 days. Corporate insiders own 18.54% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Everence Capital Management Inc. purchased a new position in Globus Medical during the fourth quarter valued at approximately $204,000. GAMMA Investing LLC grew its position in shares of Globus Medical by 41.7% during the 4th quarter. GAMMA Investing LLC now owns 1,258 shares of the medical device company’s stock valued at $104,000 after purchasing an additional 370 shares in the last quarter. Lord Abbett & CO. LLC bought a new position in shares of Globus Medical in the third quarter worth $37,948,000. Franklin Resources Inc. bought a new position in shares of Globus Medical in the third quarter worth $3,833,000. Finally, Synovus Financial Corp raised its position in shares of Globus Medical by 9.8% in the third quarter. Synovus Financial Corp now owns 14,311 shares of the medical device company’s stock worth $1,024,000 after buying an additional 1,281 shares in the last quarter. 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.