Globus Medical (NYSE:GMED) had its target price lifted by Piper Jaffray Companies to $62.00 in a research note published on Friday, The Fly reports. Piper Jaffray Companies currently has an overweight rating on the medical device company’s stock. Piper Jaffray Companies also issued estimates for Globus Medical’s FY2018 earnings at $1.62 EPS, Q1 2019 earnings at $0.39 EPS, Q2 2019 earnings at $0.39 EPS, Q3 2019 earnings at $0.44 EPS, FY2019 earnings at $1.73 EPS and FY2020 earnings at $1.97 EPS.

A number of other research firms also recently issued reports on GMED. Zacks Investment Research upgraded shares of Globus Medical from a hold rating to a buy rating and set a $60.00 price target for the company in a research report on Friday, August 3rd. Morgan Stanley lifted their price target on shares of Globus Medical from $60.00 to $64.00 and gave the company a buy rating in a research report on Tuesday, September 25th. Oppenheimer set a $57.00 price target on shares of Globus Medical and gave the company a hold rating in a research report on Thursday, August 2nd. Finally, Needham & Company LLC lifted their price target on shares of Globus Medical from $58.00 to $65.00 and gave the company a buy rating in a research report on Thursday, August 2nd. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $56.00.

NYSE:GMED traded down $5.58 during mid-day trading on Friday, reaching $51.86. The stock had a trading volume of 1,770,028 shares, compared to its average volume of 734,760. The company has a market cap of $5.58 billion, a P/E ratio of 37.14, a PEG ratio of 2.91 and a beta of 0.65. Globus Medical has a twelve month low of $34.45 and a twelve month high of $57.83.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Thursday, November 8th. The medical device company reported $0.39 EPS for the quarter, beating the Zacks’ consensus estimate of $0.33 by $0.06. The firm had revenue of $169.20 million during the quarter, compared to the consensus estimate of $167.47 million. Globus Medical had a net margin of 19.91% and a return on equity of 15.14%. The firm’s revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.30 earnings per share. As a group, analysts predict that Globus Medical will post 1.55 earnings per share for the current fiscal year.

In other news, Chairman David C. Paul sold 707,191 shares of Globus Medical stock in a transaction that occurred on Monday, September 24th. The shares were sold at an average price of $54.01, for a total transaction of $38,195,385.91. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 28.44% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the company. Oregon Public Employees Retirement Fund raised its position in shares of Globus Medical by 4.0% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 28,161 shares of the medical device company’s stock worth $1,421,000 after purchasing an additional 1,071 shares during the last quarter. OppenheimerFunds Inc. raised its position in shares of Globus Medical by 28.4% during the 2nd quarter. OppenheimerFunds Inc. now owns 5,173 shares of the medical device company’s stock worth $261,000 after purchasing an additional 1,143 shares during the last quarter. Retirement Systems of Alabama raised its position in shares of Globus Medical by 1.2% during the 2nd quarter. Retirement Systems of Alabama now owns 94,901 shares of the medical device company’s stock worth $4,789,000 after purchasing an additional 1,150 shares during the last quarter. Arizona State Retirement System raised its position in shares of Globus Medical by 2.3% during the 3rd quarter. Arizona State Retirement System now owns 52,038 shares of the medical device company’s stock worth $2,954,000 after purchasing an additional 1,156 shares during the last quarter. Finally, Strs Ohio raised its position in shares of Globus Medical by 3.7% during the 2nd quarter. Strs Ohio now owns 33,300 shares of the medical device company’s stock worth $1,680,000 after purchasing an additional 1,200 shares during the last quarter. Institutional investors own 63.95% 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 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.

Further Reading: Stock Selection – What is cash flow?

The Fly

Analyst Recommendations for Globus Medical (NYSE:GMED)

Receive News & Ratings for Globus Medical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globus Medical and related companies with MarketBeat.com's FREE daily email newsletter.