Zacks Investment Research upgraded shares of Globus Medical (NYSE:GMED) from a sell rating to a hold rating in a research report released on Tuesday.

According to Zacks, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania. “

A number of other analysts have also commented on the stock. Morgan Stanley lifted their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock an overweight rating in a research note on Thursday, August 2nd. Oppenheimer set a $57.00 price target on shares of Globus Medical and gave the stock a hold rating in a research note on Thursday, August 2nd. Needham & Company LLC lifted their price target on shares of Globus Medical from $58.00 to $65.00 and gave the stock a buy rating in a research note on Thursday, August 2nd. Finally, Bank of America lowered shares of Globus Medical from a neutral rating to an underperform rating and set a $55.00 price target for the company. in a research note on Wednesday, June 27th. They noted that the move was a valuation call. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $54.73.

NYSE:GMED opened at $55.06 on Tuesday. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of 42.03, a PEG ratio of 2.83 and a beta of 0.63. Globus Medical has a fifty-two week low of $29.58 and a fifty-two week high of $57.55.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Wednesday, August 1st. The medical device company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.09. The business had revenue of $173.40 million during the quarter, compared to analyst estimates of $168.03 million. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. Globus Medical’s revenue was up 13.8% compared to the same quarter last year. During the same period last year, the business earned $0.32 EPS. On average, equities research analysts predict that Globus Medical will post 1.55 earnings per share for the current year.

In related news, insider David C. Paul sold 2,053,330 shares of the firm’s stock in a transaction that occurred on Tuesday, September 25th. The shares were sold at an average price of $54.26, for a total value of $111,413,685.80. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 28.44% of the company’s stock.

A number of large investors have recently modified their holdings of the business. Empowered Funds LLC purchased a new position in Globus Medical during the third quarter valued at approximately $1,792,000. Essex Investment Management Co. LLC lifted its holdings in Globus Medical by 93.7% during the third quarter. Essex Investment Management Co. LLC now owns 30,288 shares of the medical device company’s stock valued at $1,719,000 after purchasing an additional 14,649 shares in the last quarter. Cookson Peirce & Co. Inc. lifted its holdings in Globus Medical by 1.2% during the third quarter. Cookson Peirce & Co. Inc. now owns 199,448 shares of the medical device company’s stock valued at $11,321,000 after purchasing an additional 2,388 shares in the last quarter. Clarus Wealth Advisors lifted its holdings in Globus Medical by 36.6% during the third quarter. Clarus Wealth Advisors now owns 5,334 shares of the medical device company’s stock valued at $303,000 after purchasing an additional 1,430 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Globus Medical by 2.9% during the second quarter. Northern Trust Corp now owns 1,190,383 shares of the medical device company’s stock valued at $60,067,000 after purchasing an additional 33,264 shares in the last quarter. 64.00% 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 an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.

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