Needham & Company LLC Reaffirms “Hold” Rating for Globus Medical (NYSE:GMED)

Needham & Company LLC reiterated their hold rating on shares of Globus Medical (NYSE:GMED) in a research report sent to investors on Wednesday,Benzinga reports.

Other equities analysts have also recently issued reports about the stock. Bank of America lifted their target price on shares of Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a report on Wednesday. BTIG Research boosted their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Morgan Stanley lifted their target price on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. Royal Bank of Canada increased their price target on Globus Medical from $78.00 to $80.00 and gave the stock an “outperform” rating in a report on Tuesday, October 8th. Finally, Truist Financial upped their price objective on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $87.09.

Globus Medical Price Performance

Shares of GMED traded down $1.09 during mid-day trading on Wednesday, reaching $80.88. The company’s stock had a trading volume of 1,804,199 shares, compared to its average volume of 934,414. Globus Medical has a 12-month low of $43.38 and a 12-month high of $84.87. The stock has a market cap of $10.95 billion, a PE ratio of 120.72, a price-to-earnings-growth ratio of 2.19 and a beta of 1.17. The company’s 50 day moving average is $72.28 and its 200 day moving average is $68.46.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS 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 analyst estimates of $604.69 million. During the same period last year, the business earned $0.57 EPS. Globus Medical’s revenue for the quarter was up 63.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Globus Medical will post 2.97 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Daniel T. Scavilla sold 60,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $80.02, for a total transaction of $4,801,200.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Globus Medical news, CEO Daniel T. Scavilla sold 60,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total transaction of $4,801,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock worth $8,512,850 over the last ninety days. 18.54% of the stock is owned by company insiders.

Institutional Trading of Globus Medical

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Swedbank AB grew its stake in shares of Globus Medical by 15.4% in the second quarter. Swedbank AB now owns 375,000 shares of the medical device company’s stock worth $25,684,000 after purchasing an additional 50,000 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its stake in shares of Globus Medical by 17.9% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,136,697 shares of the medical device company’s stock worth $77,852,000 after acquiring an additional 172,605 shares during the period. GSA Capital Partners LLP bought a new stake in shares of Globus Medical in the 1st quarter worth $429,000. State Board of Administration of Florida Retirement System grew its holdings in Globus Medical by 12.9% during the first quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock worth $4,839,000 after acquiring an additional 9,754 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in shares of Globus Medical during the 2nd quarter valued at about $611,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.