Globus Medical (NYSE:GMED) Rating Increased to Neutral at Bank of America

Globus Medical (NYSE:GMED) was upgraded by investment analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued on Thursday,Benzinga reports. The firm currently has a $97.00 price target on the medical device company’s stock, up from their prior price target of $80.00. Bank of America‘s price objective indicates a potential upside of 12.35% from the stock’s current price.

Other analysts have also recently issued research reports about the company. Morgan Stanley upgraded Globus Medical from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Royal Bank of Canada boosted their price target on Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. StockNews.com downgraded shares of Globus Medical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Thursday. Finally, Piper Sandler boosted their price objective on shares of Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.09.

Globus Medical Stock Performance

Shares of NYSE GMED opened at $86.34 on Thursday. The stock’s 50-day simple moving average is $82.56 and its 200-day simple moving average is $74.94. The firm has a market capitalization of $11.76 billion, a PE ratio of 128.87, a price-to-earnings-growth ratio of 1.97 and a beta of 1.19. Globus Medical has a fifty-two week low of $49.33 and a fifty-two week high of $87.22.

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. The business had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. Globus Medical had a net margin of 3.69% and a return on equity of 9.98%. The company’s revenue was up 63.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 EPS. On average, sell-side analysts forecast that Globus Medical will post 2.97 earnings per share for the current fiscal year.

Insider Activity

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. 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 over the last quarter. Company insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several hedge funds and other institutional investors have recently bought and sold shares of GMED. Select Equity Group L.P. bought a new stake in shares of Globus Medical in the 2nd quarter valued at approximately $91,711,000. Millennium Management LLC boosted its holdings in shares of Globus Medical by 1,171.5% in the 2nd quarter. Millennium Management LLC now owns 1,363,834 shares of the medical device company’s stock valued at $93,409,000 after buying an additional 1,256,570 shares during the period. ArrowMark Colorado Holdings LLC bought a new stake in shares of Globus Medical during the 3rd quarter valued at about $43,947,000. Lord Abbett & CO. LLC acquired a new stake in Globus Medical during the third quarter worth about $37,948,000. Finally, Parsifal Capital Management LP lifted its holdings in Globus Medical by 50.5% in the third quarter. Parsifal Capital Management LP now owns 1,350,553 shares of the medical device company’s stock worth $96,619,000 after acquiring an additional 453,053 shares during the last quarter. 95.16% of the stock is owned by institutional investors and hedge funds.

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.