Globus Medical (GMED) Price Target Raised to $62.00 at Piper Jaffray Companies

Globus Medical (NYSE:GMED) had its price target hoisted by stock analysts at Piper Jaffray Companies to $62.00 in a note issued to investors on Friday, The Fly reports. The brokerage currently has an “overweight” rating on the medical device company’s stock. Piper Jaffray Companies’ price objective suggests a potential upside of 19.62% from the company’s current price.

Other research analysts have also issued research reports about the company. Zacks Investment Research lowered Globus Medical from a “buy” rating to a “hold” rating in a research report on Monday, August 13th. Oppenheimer set a $61.00 price objective on Globus Medical and gave the company a “hold” rating in a research report on Friday. Morgan Stanley boosted their price objective on Globus Medical from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Thursday, August 2nd. Finally, Needham & Company LLC boosted their price objective on Globus Medical from $58.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 2nd. Two analysts have rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Globus Medical has an average rating of “Buy” and a consensus price target of $55.67.

Shares of GMED traded down $5.61 during mid-day trading on Friday, hitting $51.83. The stock had a trading volume of 1,275,136 shares, compared to its average volume of 745,523. The firm has a market cap of $5.49 billion, a price-to-earnings ratio of 39.56, a PEG ratio of 2.86 and a beta of 0.65. Globus Medical has a fifty-two week low of $33.00 and a fifty-two week high of $57.83.

Globus Medical (NYSE:GMED) last issued its earnings results on Thursday, November 8th. The medical device company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.33 by $0.06. Globus Medical had a return on equity of 15.14% and a net margin of 19.91%. The company had revenue of $169.20 million during the quarter, compared to analyst estimates of $167.47 million. During the same quarter last year, the firm earned $0.30 EPS. The business’s revenue was up 11.5% on a year-over-year basis. As a group, sell-side analysts forecast that Globus Medical will post 1.55 EPS for the current year.

In other Globus Medical news, Chairman David C. Paul sold 707,191 shares of the business’s stock in a transaction on Monday, September 24th. The stock was sold at an average price of $54.01, for a total transaction of $38,195,385.91. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 28.44% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Oregon Public Employees Retirement Fund raised its stake in shares of Globus Medical by 4.0% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 28,161 shares of the medical device company’s stock worth $1,421,000 after buying an additional 1,071 shares in the last quarter. OppenheimerFunds Inc. raised its stake in shares of Globus Medical by 28.4% in the 2nd quarter. OppenheimerFunds Inc. now owns 5,173 shares of the medical device company’s stock worth $261,000 after buying an additional 1,143 shares in the last quarter. Retirement Systems of Alabama raised its stake in shares of Globus Medical by 1.2% in the 2nd quarter. Retirement Systems of Alabama now owns 94,901 shares of the medical device company’s stock worth $4,789,000 after buying an additional 1,150 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Globus Medical by 2.3% in the 3rd quarter. Arizona State Retirement System now owns 52,038 shares of the medical device company’s stock worth $2,954,000 after buying an additional 1,156 shares in the last quarter. Finally, Strs Ohio raised its stake in shares of Globus Medical by 3.7% in the 2nd quarter. Strs Ohio now owns 33,300 shares of the medical device company’s stock worth $1,680,000 after buying an additional 1,200 shares in the last quarter. Institutional investors own 63.95% of the company’s stock.

About Globus Medical

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 an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.

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