Globus Medical (NYSE:GMED) Upgraded at Truist Financial

Truist Financial upgraded shares of Globus Medical (NYSE:GMED) from a hold rating to a buy rating in a research report sent to investors on Friday morning, MarketBeat Ratings reports. The firm currently has $93.00 target price on the medical device company’s stock, up from their prior target price of $65.00.

A number of other analysts have also recently issued reports on GMED. Royal Bank Of Canada set a $88.00 price objective on Globus Medical in a research report on Friday, October 10th. Stifel Nicolaus started coverage on shares of Globus Medical in a report on Tuesday, October 28th. They issued a “hold” rating and a $64.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Monday, July 21st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Globus Medical in a report on Wednesday, October 8th. Finally, Canaccord Genuity Group lowered their target price on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research note on Tuesday, July 22nd. Nine investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $87.82.

Globus Medical Stock Performance

Shares of NYSE:GMED traded up $0.46 on Friday, hitting $84.35. 1,577,694 shares of the company were exchanged, compared to its average volume of 1,459,413. The company’s 50 day moving average price is $59.83 and its two-hundred day moving average price is $59.85. Globus Medical has a one year low of $51.79 and a one year high of $94.93. The firm has a market capitalization of $11.39 billion, a price-to-earnings ratio of 32.42, a PEG ratio of 1.68 and a beta of 1.15.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, November 6th. The medical device company reported $1.18 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.39. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The business had revenue of $769.05 million during the quarter, compared to analysts’ expectations of $734.58 million. During the same quarter last year, the company earned $0.83 earnings per share. The firm’s revenue was up 22.9% on a year-over-year basis. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. Research analysts predict that Globus Medical will post 3.44 earnings per share for the current year.

Insider Transactions at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the transaction, the director directly owned 25,384 shares in the company, valued at $1,483,948.64. The trade was a 28.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 18.51% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of GMED. Cambridge Investment Research Advisors Inc. grew its position in Globus Medical by 12.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,770 shares of the medical device company’s stock worth $276,000 after acquiring an additional 428 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Globus Medical by 0.4% in the first quarter. Principal Financial Group Inc. now owns 261,592 shares of the medical device company’s stock worth $19,149,000 after purchasing an additional 919 shares in the last quarter. OneDigital Investment Advisors LLC boosted its stake in Globus Medical by 24.4% in the first quarter. OneDigital Investment Advisors LLC now owns 4,711 shares of the medical device company’s stock worth $345,000 after purchasing an additional 925 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Globus Medical by 49.5% during the first quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company’s stock worth $30,258,000 after purchasing an additional 136,955 shares during the last quarter. Finally, Alps Advisors Inc. increased its stake in shares of Globus Medical by 6.0% in the first quarter. Alps Advisors Inc. now owns 11,982 shares of the medical device company’s stock valued at $877,000 after buying an additional 678 shares in the last quarter. Institutional investors own 95.16% of the company’s stock.

About Globus Medical

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.