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 recently commented on the stock. Piper Jaffray Cos. reissued an overweight rating and set a $29.00 target price on shares of Globus Medical in a research note on Saturday, June 25th. Barclays PLC cut their target price on shares of Globus Medical from $26.00 to $25.00 and set an equal weight rating for the company in a research note on Wednesday, July 27th. Morgan Stanley cut shares of Globus Medical from an overweight rating to an equal weight rating in a research note on Wednesday, July 27th. Canaccord Genuity cut shares of Globus Medical from a buy rating to a hold rating and cut their target price for the stock from $30.00 to $28.00 in a research note on Wednesday, July 27th. Finally, Wells Fargo & Co. cut shares of Globus Medical from an outperform rating to a market perform rating and set a $23.00 target price for the company. in a research note on Wednesday, July 27th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $26.40.
Shares of Globus Medical (NYSE:GMED) opened at 22.57 on Wednesday. The company has a 50-day moving average of $22.88 and a 200-day moving average of $23.72. Globus Medical has a 52-week low of $21.15 and a 52-week high of $28.60. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of 18.50 and a beta of 0.61.
Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, July 26th. The medical device company reported $0.29 EPS for the quarter, hitting analysts’ consensus estimates of $0.29. The business earned $137.49 million during the quarter, compared to analysts’ expectations of $141.78 million. Globus Medical had a net margin of 21.19% and a return on equity of 15.43%. The business’s quarterly revenue was up 2.9% compared to the same quarter last year. Equities research analysts anticipate that Globus Medical will post $1.20 EPS for the current year.
In related news, insider A Brett Murphy sold 107,692 shares of the company’s stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $23.37, for a total transaction of $2,516,762.04. Following the sale, the insider now directly owns 190,917 shares of the company’s stock, valued at approximately $4,461,730.29. The sale was disclosed in a legal filing with the SEC, which is available through this link. 27.93% of the stock is currently owned by insiders.
A number of large investors have recently made changes to their positions in GMED. Advisor Group Inc. acquired a new stake in shares of Globus Medical during the second quarter valued at $112,000. BNP Paribas Arbitrage SA increased its stake in shares of Globus Medical by 85.1% in the second quarter. BNP Paribas Arbitrage SA now owns 4,852 shares of the medical device company’s stock valued at $116,000 after buying an additional 2,231 shares during the last quarter. BlackRock Inc. increased its stake in shares of Globus Medical by 146.4% in the first quarter. BlackRock Inc. now owns 4,998 shares of the medical device company’s stock valued at $119,000 after buying an additional 2,970 shares during the last quarter. Invictus RG acquired a new stake in shares of Globus Medical during the second quarter valued at $128,000. Finally, C M Bidwell & Associates Ltd. acquired a new stake in shares of Globus Medical during the first quarter valued at $152,000. 95.05% of the stock is currently owned by hedge funds and other institutional investors.
Globus Medical Company Profile
Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.
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