Globus Medical (NYSE:GMED) Downgraded by ValuEngine to “Hold”

ValuEngine cut shares of Globus Medical (NYSE:GMED) from a buy rating to a hold rating in a research report sent to investors on Tuesday, ValuEngine reports.

Other analysts have also recently issued research reports about the stock. Cantor Fitzgerald upped their target price on shares of Globus Medical from $55.00 to $64.00 and gave the company an overweight rating in a research note on Thursday, November 7th. Zacks Investment Research upgraded shares of Globus Medical from a hold rating to a buy rating and set a $61.00 price target for the company in a research note on Monday, November 11th. Needham & Company LLC reaffirmed a buy rating and set a $63.00 price objective on shares of Globus Medical in a report on Thursday, November 7th. BTIG Research reaffirmed a hold rating on shares of Globus Medical in a report on Thursday, November 7th. Finally, Wells Fargo & Co upped their price objective on Globus Medical from $42.00 to $53.00 and gave the company a market perform rating in a research note on Tuesday, October 8th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Globus Medical has a consensus rating of Buy and an average price target of $56.29.

GMED opened at $55.95 on Tuesday. The company has a market capitalization of $5.56 billion, a P/E ratio of 34.33, a P/E/G ratio of 2.90 and a beta of 0.96. The firm’s fifty day moving average price is $53.39 and its two-hundred day moving average price is $47.77. Globus Medical has a fifty-two week low of $38.01 and a fifty-two week high of $57.11.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, November 6th. The medical device company reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.01. The company had revenue of $196.22 million during the quarter, compared to analysts’ expectations of $185.86 million. Globus Medical had a net margin of 19.03% and a return on equity of 13.09%. The business’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.39 EPS. On average, analysts forecast that Globus Medical will post 1.72 earnings per share for the current fiscal year.

In other news, Director David D. Davidar sold 38,000 shares of Globus Medical stock in a transaction that occurred on 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 transaction, the director now owns 666,775 shares in the company, valued at $36,005,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Kelly Huller sold 3,000 shares of Globus Medical 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 transaction, the senior vice president now owns 6,384 shares of the company’s stock, valued at approximately $337,713.60. The disclosure for this sale can be found here. Insiders sold a total of 44,000 shares of company stock worth $2,378,400 in the last 90 days. 24.97% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Gabelli Funds LLC raised its position in Globus Medical by 0.5% in the 2nd quarter. Gabelli Funds LLC now owns 213,000 shares of the medical device company’s stock valued at $9,010,000 after purchasing an additional 1,000 shares during the last quarter. Northern Trust Corp increased its stake in shares of 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 valued at $51,655,000 after buying an additional 6,180 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Globus Medical by 20.2% in 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 buying an additional 1,256 shares in the last quarter. Isthmus Partners LLC bought a new position in shares of Globus Medical in the second quarter valued at about $1,211,000. Finally, Barclays PLC raised its holdings in shares of Globus Medical by 91.8% in the third quarter. Barclays PLC now owns 86,464 shares of the medical device company’s stock valued at $4,420,000 after buying an additional 41,379 shares during the last quarter. Institutional investors and hedge funds own 67.46% 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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