William Blair Investment Management LLC Has $140.89 Million Stock Position in Globus Medical, Inc. (NYSE:GMED)

William Blair Investment Management LLC cut its holdings in Globus Medical, Inc. (NYSE:GMED) by 8.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,057,019 shares of the medical device company’s stock after selling 179,895 shares during the period. William Blair Investment Management LLC owned approximately 1.52% of Globus Medical worth $140,885,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Globus Medical during the 4th quarter worth $95,537,000. Magnetar Financial LLC grew its holdings in Globus Medical by 198.6% in the first quarter. Magnetar Financial LLC now owns 1,689,287 shares of the medical device company’s stock worth $90,613,000 after purchasing an additional 1,123,540 shares during the period. Vestal Point Capital LP acquired a new position in Globus Medical during the 4th quarter worth approximately $42,632,000. Motley Fool Asset Management LLC raised its position in shares of Globus Medical by 1,263.7% during the first quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company’s stock worth $45,496,000 after purchasing an additional 785,970 shares during the period. Finally, Burgundy Asset Management Ltd. lifted its stake in shares of Globus Medical by 46.1% in the first quarter. Burgundy Asset Management Ltd. now owns 2,479,837 shares of the medical device company’s stock valued at $133,018,000 after buying an additional 782,285 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Stock Down 0.4 %

NYSE GMED opened at $69.75 on Friday. Globus Medical, Inc. has a twelve month low of $43.38 and a twelve month high of $74.21. The business has a 50-day moving average price of $70.84 and a 200-day moving average price of $62.95. The firm has a market cap of $9.44 billion, a price-to-earnings ratio of 108.99, a price-to-earnings-growth ratio of 1.91 and a beta of 1.17.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The company had revenue of $629.69 million for the quarter, compared to the consensus estimate of $615.33 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. Globus Medical’s revenue for the quarter was up 115.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.63 EPS. Research analysts expect that Globus Medical, Inc. will post 2.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GMED has been the subject of several recent research reports. Truist Financial upped their price target on 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 Globus Medical from a “neutral” rating to an “overweight” rating and upped their price target for the company from $60.00 to $80.00 in a research report on Monday, May 20th. Barclays boosted their price objective on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. BTIG Research lifted their price target on Globus Medical from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. Finally, Royal Bank of Canada upped their target price on Globus Medical from $76.00 to $78.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $77.20.

Insider Activity at Globus Medical

In related news, Director Leslie V. Norwalk sold 1,000 shares of the firm’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the sale, the director now directly owns 16,419 shares of the company’s stock, valued at approximately $1,149,330. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 18.54% 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.