Wells Fargo & Company Raises Globus Medical (NYSE:GMED) Price Target to $88.00

Globus Medical (NYSE:GMED) had its price objective boosted by Wells Fargo & Company from $78.00 to $88.00 in a research note published on Wednesday,Benzinga reports. They currently have an overweight rating on the medical device company’s stock.

Several other brokerages have also recently commented on GMED. Truist Financial increased their target price on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Piper Sandler raised their price objective on Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a report on Wednesday. BTIG Research upped their target price on Globus Medical from $77.00 to $78.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Barclays increased their price target on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Morgan Stanley boosted their price target on Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Globus Medical currently has a consensus rating of “Moderate Buy” and an average price target of $87.09.

Globus Medical Price Performance

GMED opened at $80.88 on Wednesday. The company has a market capitalization of $10.95 billion, a price-to-earnings ratio of 120.72, a P/E/G ratio of 2.19 and a beta of 1.17. The business’s 50-day moving average price is $72.28 and its two-hundred day moving average price is $68.46. Globus Medical has a 1 year low of $43.38 and a 1 year high of $84.87.

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

Insiders Place Their Bets

In other news, SVP Kelly Huller sold 5,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $81.01, for a total value of $405,050.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Daniel T. Scavilla sold 60,000 shares of the company’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 value of $4,801,200.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Kelly Huller sold 5,000 shares of Globus Medical stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $81.01, for a total value of $405,050.00. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock valued at $8,512,850 over the last ninety days. 18.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new position in shares of Globus Medical in the third quarter valued at about $27,000. Ashton Thomas Private Wealth LLC acquired a new position in shares of Globus Medical during the 2nd quarter worth approximately $33,000. Farther Finance Advisors LLC increased its holdings in shares of Globus Medical by 230.5% during the third 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 during the period. GAMMA Investing LLC raised its position in shares of Globus Medical by 254.5% in the second quarter. GAMMA Investing LLC now owns 631 shares of the medical device company’s stock valued at $43,000 after buying an additional 453 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of Globus Medical in the second quarter valued at approximately $52,000. Institutional investors own 95.16% of the company’s stock.

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.