Millrace Asset Group Inc. Has $1.66 Million Stake in Globus Medical, Inc. (NYSE:GMED)

Millrace Asset Group Inc. lifted its stake in shares of Globus Medical, Inc. (NYSE:GMED) by 4.4% during the third quarter, Holdings Channel reports. The fund owned 23,151 shares of the medical device company’s stock after buying an additional 977 shares during the quarter. Globus Medical comprises 1.7% of Millrace Asset Group Inc.’s investment portfolio, making the stock its 27th largest position. Millrace Asset Group Inc.’s holdings in Globus Medical were worth $1,656,000 at the end of the most recent reporting period.

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

Insider Buying and Selling at Globus Medical

In related news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the sale, the director now owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 25.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 have sold a total of 110,000 shares of company stock valued at $8,512,850 over the last three months. 18.54% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Royal Bank of Canada lifted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Wells Fargo & Company raised their price target on shares of Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Bank of America boosted their price objective on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday, November 6th. Truist Financial raised their target price on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Finally, BTIG Research lifted their price objective on shares of Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and a consensus target price of $88.18.

Globus Medical Stock Down 0.3 %

Globus Medical stock opened at $84.49 on Tuesday. The company has a market capitalization of $11.51 billion, a P/E ratio of 126.10, a P/E/G ratio of 2.02 and a beta of 1.17. The firm has a 50 day moving average price of $75.05 and a 200-day moving average price of $71.04. Globus Medical, Inc. has a twelve month low of $44.02 and a twelve month high of $85.33.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million during the quarter, compared to the consensus estimate of $604.69 million. During the same period last year, the business posted $0.57 earnings per share. The business’s revenue for the quarter was up 63.1% on a year-over-year basis. Equities analysts expect that Globus Medical, Inc. will post 2.98 EPS for the current fiscal year.

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.