Globus Medical (NYSE:GMED) Earns Buy Rating from Needham & Company LLC

Globus Medical (NYSE:GMED)‘s stock had its “buy” rating reiterated by equities researchers at Needham & Company LLC in a report released on Thursday, November 7th, AnalystRatings.com reports. They presently have a $63.00 price objective on the medical device company’s stock. Needham & Company LLC’s price target suggests a potential upside of 14.67% from the company’s current price.

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Several other research firms have also commented on GMED. Cantor Fitzgerald lifted their price objective on shares of Globus Medical from $55.00 to $64.00 and gave the stock an “overweight” rating in a research note on Thursday, November 7th. Wells Fargo & Co lifted their price objective on shares of Globus Medical from $42.00 to $53.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 8th. ValuEngine raised shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Wednesday, September 4th. Finally, Zacks Investment Research raised shares of Globus Medical from a “sell” rating to a “hold” rating and set a $54.00 price objective for the company in a research note on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Globus Medical has a consensus rating of “Buy” and an average target price of $59.00.

Shares of GMED stock traded up $0.15 on Thursday, reaching $54.94. The company’s stock had a trading volume of 905,669 shares, compared to its average volume of 525,399. The stock’s fifty day simple moving average is $51.47 and its 200-day simple moving average is $46.72. Globus Medical has a 1 year low of $38.01 and a 1 year high of $56.34. The company has a market capitalization of $5.45 billion, a price-to-earnings ratio of 32.90, a price-to-earnings-growth ratio of 2.84 and a beta of 0.95.

Globus Medical (NYSE:GMED) last posted its earnings results on Wednesday, November 6th. The medical device company reported $0.43 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. Globus Medical had a net margin of 19.03% and a return on equity of 13.09%. The firm had revenue of $196.22 million during the quarter, compared to analyst estimates of $185.86 million. During the same period last year, the firm posted $0.39 earnings per share. Globus Medical’s revenue for the quarter was up 15.9% compared to the same quarter last year. On average, research analysts expect that Globus Medical will post 1.72 earnings per share for the current year.

In related news, SVP Kelly Huller sold 3,000 shares of Globus Medical stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $52.90, for a total value of $158,700.00. Following the completion of the sale, the senior vice president now directly owns 6,384 shares in the company, valued at $337,713.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David D. Davidar sold 38,000 shares of Globus Medical stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $54.00, for a total value of $2,052,000.00. Following the completion of the sale, the director now owns 666,775 shares of the company’s stock, valued at $36,005,850. The disclosure for this sale can be found here. Insiders have sold 44,000 shares of company stock valued at $2,378,400 over the last three months. Insiders own 24.97% of the company’s stock.

Institutional investors have recently made changes to their positions in the business. Gabelli Funds LLC raised its holdings in Globus Medical by 0.5% in the second quarter. Gabelli Funds LLC now owns 213,000 shares of the medical device company’s stock worth $9,010,000 after purchasing an additional 1,000 shares in the last quarter. Northern Trust Corp raised its holdings in Globus Medical by 0.5% in the second quarter. Northern Trust Corp now owns 1,221,143 shares of the medical device company’s stock worth $51,655,000 after purchasing an additional 6,180 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Globus Medical by 20.2% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,489 shares of the medical device company’s stock valued at $317,000 after acquiring an additional 1,256 shares in the last quarter. Isthmus Partners LLC acquired a new position in shares of Globus Medical during the second quarter valued at about $1,211,000. Finally, Vanguard Group Inc. increased its holdings in shares of Globus Medical by 0.4% during the second quarter. Vanguard Group Inc. now owns 7,181,055 shares of the medical device company’s stock valued at $303,760,000 after acquiring an additional 31,142 shares in the last quarter. Institutional investors and hedge funds own 68.40% of the company’s stock.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

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Analyst Recommendations for Globus Medical (NYSE:GMED)

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