Wells Fargo & Company Forecasts Strong Price Appreciation for Globus Medical (NYSE:GMED) Stock

Globus Medical (NYSE:GMED) had its price objective increased by equities research analysts at Wells Fargo & Company from $98.00 to $104.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the medical device company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 9.02% from the stock’s previous close.

A number of other brokerages have also recently weighed in on GMED. Barclays lifted their price target on shares of Globus Medical from $118.00 to $123.00 and gave the stock an “overweight” rating in a research report on Wednesday. Citigroup reiterated a “market perform” rating on shares of Globus Medical in a report on Thursday, January 8th. TD Cowen raised Globus Medical to a “strong-buy” rating in a research note on Tuesday, January 27th. Royal Bank Of Canada raised their price target on Globus Medical from $92.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 17th. Finally, Truist Financial set a $115.00 price objective on Globus Medical in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Globus Medical currently has an average rating of “Moderate Buy” and a consensus target price of $104.36.

Globus Medical Trading Down 1.4%

Shares of NYSE:GMED opened at $95.39 on Thursday. The stock has a market capitalization of $12.77 billion, a PE ratio of 24.21, a P/E/G ratio of 2.24 and a beta of 1.06. The firm has a fifty day moving average price of $90.69 and a 200 day moving average price of $76.38. Globus Medical has a 1 year low of $51.79 and a 1 year high of $101.40.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, February 24th. The medical device company reported $1.28 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.22. The business had revenue of $826.42 million for the quarter, compared to analyst estimates of $803.29 million. Globus Medical had a net margin of 18.30% and a return on equity of 12.57%. Globus Medical’s quarterly revenue was up 25.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.84 EPS. On average, sell-side analysts forecast that Globus Medical will post 3.44 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

In other news, EVP Kelly Huller sold 20,000 shares of the stock in a transaction that occurred on Wednesday, February 25th. The stock was sold at an average price of $94.50, for a total value of $1,890,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Leslie V. Norwalk sold 2,000 shares of the business’s stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $202,200.00. Following the transaction, the director owned 10,419 shares in the company, valued at approximately $1,053,360.90. The trade was a 16.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 54,136 shares of company stock valued at $5,001,033. Insiders own 18.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. MidFirst Bank acquired a new position in shares of Globus Medical during the 4th quarter worth about $354,000. Pacer Advisors Inc. lifted its stake in Globus Medical by 20.4% in the 4th quarter. Pacer Advisors Inc. now owns 33,177 shares of the medical device company’s stock valued at $2,897,000 after purchasing an additional 5,617 shares during the last quarter. Kera Capital Partners Inc. bought a new position in Globus Medical during the fourth quarter worth about $202,000. Invesco Ltd. increased its position in Globus Medical by 1,235.2% during the fourth quarter. Invesco Ltd. now owns 3,886,405 shares of the medical device company’s stock worth $339,322,000 after buying an additional 3,595,339 shares during the last quarter. Finally, Corient Private Wealth LLC raised its stake in Globus Medical by 87.4% in the fourth quarter. Corient Private Wealth LLC now owns 89,916 shares of the medical device company’s stock valued at $7,851,000 after buying an additional 41,934 shares during the period. Institutional investors own 95.16% of the company’s stock.

About Globus Medical

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.