Piper Sandler Increases Globus Medical (NYSE:GMED) Price Target to $60.00

Globus Medical (NYSE:GMED) had its price objective raised by stock analysts at Piper Sandler from $55.00 to $60.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “neutral” rating on the medical device company’s stock. Piper Sandler’s target price indicates a potential downside of 4.28% from the stock’s previous close.

A number of other research firms also recently weighed in on GMED. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday. Stifel Nicolaus lifted their price target on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday. Truist Financial boosted their price objective on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada reissued an “outperform” rating and set a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. Finally, BTIG Research upped their price target on Globus Medical from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $66.60.

Globus Medical Stock Up 22.0 %

Shares of GMED stock traded up $11.32 during trading on Wednesday, hitting $62.68. 4,156,588 shares of the company were exchanged, compared to its average volume of 1,144,137. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. The firm has a market capitalization of $8.48 billion, a price-to-earnings ratio of 53.62, a P/E/G ratio of 1.53 and a beta of 1.11. The business’s 50-day simple moving average is $52.36 and its 200 day simple moving average is $51.19. Globus Medical has a twelve month low of $43.38 and a twelve month high of $65.74.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.55 by $0.17. The business had revenue of $606.67 million during the quarter, compared to analysts’ expectations of $586.82 million. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The firm’s quarterly revenue was up 119.3% compared to the same quarter last year. During the same period last year, the company posted $0.53 earnings per share. As a group, analysts forecast that Globus Medical will post 2.69 EPS for the current fiscal year.

Insider Activity

In other news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the transaction, the director now directly owns 17,419 shares in the company, valued at $905,613.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 24.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Globus Medical

Large investors have recently modified their holdings of the company. DekaBank Deutsche Girozentrale purchased a new stake in Globus Medical in the third quarter valued at approximately $28,000. YHB Investment Advisors Inc. purchased a new position in shares of Globus Medical during the first quarter worth approximately $50,000. Allworth Financial LP increased its stake in shares of Globus Medical by 25.7% in the fourth quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock worth $66,000 after buying an additional 254 shares during the period. Mather Group LLC. purchased a new position in shares of Globus Medical in the first quarter worth $69,000. Finally, Nisa Investment Advisors LLC increased its stake in shares of Globus Medical by 122.8% in the third quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company’s stock worth $74,000 after buying an additional 823 shares during the period. 95.16% of the stock is currently owned by institutional investors.

About Globus Medical

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.