Globus Medical (NYSE:GMED) Downgraded by StockNews.com to “Hold”

StockNews.com lowered shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a report issued on Friday.

Several other analysts have also recently commented on the stock. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $83.00 to $100.00 in a research note on Monday, December 2nd. Wells Fargo & Company decreased their target price on shares of Globus Medical from $95.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Tuesday. Barclays boosted their price objective on Globus Medical from $100.00 to $103.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Finally, Truist Financial dropped their target price on Globus Medical from $90.00 to $82.00 and set a “hold” rating on the stock in a report on Tuesday. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical has a consensus rating of “Moderate Buy” and an average price target of $97.09.

Globus Medical Trading Down 0.3 %

NYSE:GMED opened at $73.67 on Friday. The firm has a fifty day simple moving average of $83.61 and a 200-day simple moving average of $79.71. Globus Medical has a 12 month low of $49.33 and a 12 month high of $94.93. The company has a market capitalization of $10.13 billion, a P/E ratio of 98.22, a PEG ratio of 1.61 and a beta of 1.19.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.10. Globus Medical had a return on equity of 10.83% and a net margin of 4.09%. The business had revenue of $657.29 million for the quarter, compared to analyst estimates of $646.19 million. Equities analysts forecast that Globus Medical will post 3.44 EPS for the current year.

Insider Activity at Globus Medical

In related news, CFO Keith W. Pfeil sold 14,167 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 18.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quest Partners LLC acquired a new stake in shares of Globus Medical in the third quarter valued at approximately $523,000. Pathstone Holdings LLC grew its holdings in Globus Medical by 2.6% in the 3rd quarter. Pathstone Holdings LLC now owns 41,007 shares of the medical device company’s stock valued at $2,934,000 after buying an additional 1,055 shares in the last quarter. Intech Investment Management LLC increased its stake in shares of Globus Medical by 291.3% in the 3rd quarter. Intech Investment Management LLC now owns 20,530 shares of the medical device company’s stock worth $1,469,000 after acquiring an additional 15,283 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of Globus Medical during the 3rd quarter worth $26,406,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Globus Medical by 29.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,238,603 shares of the medical device company’s stock valued at $88,610,000 after acquiring an additional 285,172 shares during the last quarter. 95.16% of the stock is 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.