Globus Medical (NYSE:GMED) Price Target Raised to $57.00 at Morgan Stanley

Globus Medical (NYSE:GMED) had its target price hoisted by Morgan Stanley from $45.00 to $57.00 in a research note published on Friday morning, Stock Target Advisor reports. They currently have an equal weight rating on the medical device company’s stock.

A number of other research firms also recently issued reports on GMED. Wells Fargo & Co boosted their price objective on shares of Globus Medical from $42.00 to $53.00 and gave the company a market perform rating in a report on Tuesday, October 8th. Canaccord Genuity boosted their price objective on shares of Globus Medical from $57.00 to $60.00 and gave the company a buy rating in a report on Thursday. Piper Jaffray Companies boosted their price objective on shares of Globus Medical from $62.00 to $65.00 and gave the company an overweight rating in a report on Thursday. 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 report on Tuesday, August 6th. Finally, Needham & Company LLC reissued a buy rating and issued a $63.00 price objective on shares of Globus Medical in a report on Thursday. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The company has an average rating of Buy and an average price target of $58.22.

NYSE GMED traded up $0.98 during trading on Friday, reaching $55.72. The company’s stock had a trading volume of 585,132 shares, compared to its average volume of 578,325. 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 has a 12 month low of $38.01 and a 12 month high of $56.34. The firm has a 50 day moving average price of $51.06 and a 200 day moving average price of $46.42.

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

In other news, SVP Kelly Huller sold 3,000 shares of the company’s stock in a transaction that occurred on 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 owns 6,384 shares of the company’s stock, valued at approximately $337,713.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David D. Davidar sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $49.33, for a total transaction of $2,466,500.00. Following the sale, the director now directly owns 754,775 shares of the company’s stock, valued at approximately $37,233,050.75. The disclosure for this sale can be found here. Corporate insiders own 24.97% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. Texas Permanent School Fund increased its position in Globus Medical by 0.4% during the 3rd quarter. Texas Permanent School Fund now owns 52,169 shares of the medical device company’s stock worth $2,667,000 after purchasing an additional 215 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its position in Globus Medical by 1.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 14,080 shares of the medical device company’s stock valued at $596,000 after acquiring an additional 220 shares during the period. Oakbrook Investments LLC increased its position in Globus Medical by 5.9% in the 2nd quarter. Oakbrook Investments LLC now owns 5,400 shares of the medical device company’s stock valued at $228,000 after acquiring an additional 300 shares during the period. Oregon Public Employees Retirement Fund increased its position in Globus Medical by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 30,789 shares of the medical device company’s stock valued at $1,302,000 after acquiring an additional 435 shares during the period. Finally, Conservest Capital Advisors Inc. increased its position in Globus Medical by 4.3% in the 2nd quarter. Conservest Capital Advisors Inc. now owns 12,169 shares of the medical device company’s stock valued at $515,000 after acquiring an additional 500 shares during the period. Institutional investors and hedge funds own 68.00% 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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