Globus Medical (NYSE:GMED) Earns Hold Rating from Needham & Company LLC

Globus Medical (NYSE:GMED)‘s stock had its “hold” rating reissued by Needham & Company LLC in a research note issued to investors on Wednesday, Benzinga reports.

GMED has been the topic of several other research reports. Royal Bank of Canada restated an “outperform” rating and set a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. Stifel Nicolaus increased their price objective on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. BTIG Research raised Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Monday, March 18th. Finally, Truist Financial increased their price target on Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a research report on Wednesday, February 21st. Five analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $66.33.

Globus Medical Stock Performance

NYSE:GMED opened at $57.10 on Wednesday. The firm has a market capitalization of $7.73 billion, a P/E ratio of 43.90, a P/E/G ratio of 1.53 and a beta of 1.11. The company has a fifty day moving average of $52.36 and a 200-day moving average of $51.19. The company has a quick ratio of 2.72, a current ratio of 4.88 and a debt-to-equity ratio of 0.10. Globus Medical has a twelve month low of $43.38 and a twelve month high of $62.88.

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

Insider Transactions at Globus Medical

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

Hedge Funds Weigh In On Globus Medical

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale bought a new position in Globus Medical in the 3rd quarter worth approximately $28,000. YHB Investment Advisors Inc. purchased a new position in shares of Globus Medical in the first quarter valued at $50,000. Allworth Financial LP raised its stake in shares of Globus Medical by 25.7% during the 4th quarter. Allworth Financial LP now owns 1,242 shares of the medical device company’s stock valued at $66,000 after purchasing an additional 254 shares during the period. Mather Group LLC. purchased a new stake in Globus Medical during the 1st quarter worth about $69,000. Finally, Nisa Investment Advisors LLC boosted its stake in Globus Medical by 122.8% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,493 shares of the medical device company’s stock worth $74,000 after purchasing an additional 823 shares during the period. Institutional investors own 95.16% of the company’s stock.

Globus Medical Company Profile

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.