Globus Medical (NYSE:GMED) Price Target Raised to $60.00 at Piper Sandler

Globus Medical (NYSE:GMED) had its target price boosted by Piper Sandler from $55.00 to $60.00 in a report released on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the medical device company’s stock. Piper Sandler’s price objective indicates a potential downside of 6.83% from the stock’s current price.

Several other brokerages have also recently issued reports on GMED. BTIG Research increased their price objective on Globus Medical from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a research report on Thursday, January 11th. Truist Financial raised their price objective on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Stifel Nicolaus increased their target price on Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Wednesday. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.50.

Globus Medical Stock Up 4.3 %

Shares of GMED opened at $64.40 on Wednesday. The company’s 50-day moving average price is $52.71 and its 200 day moving average price is $51.35. The firm has a market cap of $8.72 billion, a P/E ratio of 55.04, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. Globus Medical has a 12-month low of $43.38 and a 12-month high of $65.74. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10.

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

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Radnor Capital Management LLC lifted its holdings in shares of Globus Medical by 0.7% in the 1st quarter. Radnor Capital Management LLC now owns 29,101 shares of the medical device company’s stock valued at $1,561,000 after buying an additional 215 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in Globus Medical by 3.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 7,094 shares of the medical device company’s stock valued at $378,000 after acquiring an additional 244 shares during the period. Allworth Financial LP lifted its stake in shares of Globus Medical by 25.7% in the fourth 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. Retirement Systems of Alabama boosted its stake in shares of Globus Medical by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 144,866 shares of the medical device company’s stock worth $7,771,000 after acquiring an additional 380 shares in the last quarter. Finally, Fifth Third Bancorp raised its holdings in Globus Medical by 4.6% during the third quarter. Fifth Third Bancorp now owns 8,868 shares of the medical device company’s stock worth $440,000 after purchasing an additional 387 shares during the last quarter. Institutional investors and hedge funds 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.