Globus Medical (NYSE:GMED) Given Buy Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Globus Medical (NYSE:GMED) in a report published on Thursday, AnalystRatings.com reports. They currently have a $63.00 target price on the medical device company’s stock.

A number of other equities analysts have also recently commented on GMED. Zacks Investment Research raised shares of Globus Medical from a sell rating to a hold rating and set a $54.00 price target for the company in a research note on Tuesday, August 6th. ValuEngine raised shares of Globus Medical from a hold rating to a buy rating in a research note on Wednesday, September 4th. Cantor Fitzgerald lifted their price target on shares of Globus Medical from $55.00 to $64.00 and gave the stock an overweight rating in a research note on Thursday. Finally, Wells Fargo & Co lifted their price target 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. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $58.22.

Shares of GMED stock traded up $0.98 during trading hours on Thursday, reaching $55.72. 585,132 shares of the stock were exchanged, compared to its average volume of 578,325. Globus Medical has a 12-month low of $38.01 and a 12-month high of $56.34. The company’s 50-day moving average price is $51.06 and its 200-day moving average price is $46.42. The firm has a market capitalization of $5.24 billion, a price-to-earnings ratio of 33.37, a price-to-earnings-growth ratio of 2.74 and a beta of 0.95.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Wednesday, November 6th. The medical device company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. Globus Medical had a net margin of 19.30% and a return on equity of 13.29%. The firm had revenue of $196.22 million during the quarter, compared to analysts’ expectations of $185.86 million. During the same period in the previous year, the company earned $0.39 EPS. The firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. Equities research analysts anticipate that Globus Medical will post 1.71 earnings per share for the current fiscal year.

In other Globus Medical news, Director David D. Davidar sold 50,000 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $49.33, for a total value of $2,466,500.00. Following the completion of the sale, the director now directly owns 754,775 shares of the company’s stock, valued at approximately $37,233,050.75. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Kelly Huller sold 3,000 shares of the business’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $52.90, for a total transaction of $158,700.00. Following the completion of the sale, the senior vice president now directly owns 6,384 shares of the company’s stock, valued at $337,713.60. The disclosure for this sale can be found here. 24.97% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in GMED. Gabelli Funds LLC lifted its position in shares of Globus Medical by 0.5% in the 2nd 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 during the period. Northern Trust Corp lifted its position in shares of Globus Medical by 0.5% in the 2nd 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 during the period. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Globus Medical by 20.2% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 7,489 shares of the medical device company’s stock worth $317,000 after purchasing an additional 1,256 shares during the period. Isthmus Partners LLC purchased a new stake in shares of Globus Medical in the 2nd quarter worth approximately $1,211,000. Finally, Vanguard Group Inc. lifted its position in shares of Globus Medical by 0.4% in the 2nd quarter. Vanguard Group Inc. now owns 7,181,055 shares of the medical device company’s stock worth $303,760,000 after purchasing an additional 31,142 shares during the period. 68.00% of the stock is owned by institutional investors.

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 a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

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Analyst Recommendations for Globus Medical (NYSE:GMED)

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