Globus Medical, Inc. (NYSE:GMED) has been given a $42.00 price objective by equities researchers at BTIG Research in a research report issued to clients and investors on Monday. The firm currently has a “buy” rating on the medical device company’s stock. BTIG Research’s target price suggests a potential upside of 14.79% from the company’s previous close.
Several other equities research analysts also recently issued reports on GMED. BidaskClub downgraded Globus Medical from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. Oppenheimer Holdings, Inc. set a $35.00 price objective on Globus Medical and gave the company a “hold” rating in a report on Thursday, August 3rd. Barclays PLC reiterated an “underweight” rating and issued a $28.00 price objective (down previously from $30.00) on shares of Globus Medical in a report on Thursday, August 3rd. Gabelli reiterated a “buy” rating on shares of Globus Medical in a report on Friday, August 4th. Finally, Zacks Investment Research downgraded Globus Medical from a “hold” rating to a “sell” rating in a report on Friday, August 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $35.00.
Shares of Globus Medical (GMED) traded down $0.42 during trading on Monday, hitting $36.59. The stock had a trading volume of 703,700 shares, compared to its average volume of 683,571. Globus Medical has a twelve month low of $20.81 and a twelve month high of $38.04. The firm has a market cap of $3,526.40, a price-to-earnings ratio of 29.27, a PEG ratio of 2.85 and a beta of 0.55.
Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, November 8th. The medical device company reported $0.30 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.30. Globus Medical had a return on equity of 13.67% and a net margin of 17.54%. The business had revenue of $151.74 million for the quarter, compared to analyst estimates of $150.73 million. During the same quarter in the prior year, the company posted $0.29 EPS. The company’s quarterly revenue was up 11.9% on a year-over-year basis. research analysts forecast that Globus Medical will post 1.27 earnings per share for the current year.
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In other Globus Medical news, insider A Brett Murphy sold 51,449 shares of the company’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $35.00, for a total transaction of $1,800,715.00. Following the sale, the insider now owns 49,768 shares in the company, valued at approximately $1,741,880. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 28.21% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of GMED. Janus Henderson Group PLC increased its holdings in Globus Medical by 260.0% during the 2nd quarter. Janus Henderson Group PLC now owns 2,683,312 shares of the medical device company’s stock worth $88,952,000 after purchasing an additional 1,938,039 shares during the period. NWQ Investment Management Company LLC purchased a new stake in Globus Medical during the 3rd quarter worth about $25,856,000. American Century Companies Inc. purchased a new stake in Globus Medical during the 3rd quarter worth about $24,126,000. Nuance Investments LLC increased its holdings in Globus Medical by 207.5% during the 3rd quarter. Nuance Investments LLC now owns 776,919 shares of the medical device company’s stock worth $23,090,000 after purchasing an additional 524,248 shares during the period. Finally, Koch Industries Inc. increased its holdings in Globus Medical by 3,950.6% during the 2nd quarter. Koch Industries Inc. now owns 479,431 shares of the medical device company’s stock worth $465,000 after purchasing an additional 467,595 shares during the period. Institutional investors own 67.76% of the company’s stock.
Globus Medical Company Profile
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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