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

Needham & Company LLC reiterated their buy rating on shares of Globus Medical (NYSE:GMED) in a research note published on Thursday morning, AnalystRatings.com reports. The brokerage currently has a $63.00 price objective on the medical device company’s stock.

Several other analysts also recently commented on the stock. ValuEngine raised shares of Globus Medical from a hold rating to a buy rating in a report on Wednesday, September 4th. Wells Fargo & Co upped 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. Cantor Fitzgerald upped their price objective on shares of Globus Medical from $55.00 to $64.00 and gave the company an overweight rating in a report on Thursday. Finally, Zacks Investment Research raised shares of Globus Medical from a sell rating to a hold rating and set a $54.00 price target on the stock in a report on Tuesday, August 6th. Five investment analysts have rated the stock with a hold rating and seven have issued 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, hitting $55.72. The company’s stock had a trading volume of 585,132 shares, compared to its average volume of 578,325. The company has a 50 day moving average of $51.06 and a 200 day moving average of $46.42. The stock has a market cap of $5.24 billion, a PE 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.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Wednesday, November 6th. The medical device company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.42 by $0.01. The business had revenue of $196.22 million for 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% on a year-over-year basis. During the same period in the prior year, the firm earned $0.39 EPS. Research analysts expect that Globus Medical will post 1.71 EPS for the current year.

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In related news, Director David D. Davidar sold 50,000 shares of the stock in a transaction on Friday, August 16th. The shares were 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 $37,233,050.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Kelly Huller sold 3,000 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $52.90, for a total transaction of $158,700.00. Following the sale, the senior vice president now directly owns 6,384 shares in the company, valued at $337,713.60. The disclosure for this sale can be found here. Corporate insiders own 24.97% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. GW&K Investment Management LLC lifted its holdings in Globus Medical by 35.4% during the third quarter. GW&K Investment Management LLC now owns 1,447,134 shares of the medical device company’s stock valued at $73,977,000 after purchasing an additional 378,211 shares in the last quarter. Eagle Asset Management Inc. lifted its holdings in Globus Medical by 1.5% during the third quarter. Eagle Asset Management Inc. now owns 170,147 shares of the medical device company’s stock valued at $8,697,000 after purchasing an additional 2,549 shares in the last quarter. Mitsubishi UFJ Asset Management UK Ltd. purchased a new position in Globus Medical during the third quarter valued at $961,000. Yorktown Management & Research Co Inc purchased a new position in Globus Medical during the third quarter valued at $225,000. Finally, Mackay Shields LLC purchased a new position in Globus Medical during the third quarter valued at $2,576,000. 68.00% of the stock is currently owned by institutional investors and hedge funds.

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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