Globus Medical (NYSE:GMED) Raised to “Buy” at Needham & Company LLC

Globus Medical (NYSE:GMED) was upgraded by Needham & Company LLC from a “hold” rating to a “buy” rating in a research report issued on Friday, Marketbeat.com reports. The brokerage currently has a $112.00 price target on the medical device company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 24.16% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. TD Cowen raised Globus Medical to a “strong-buy” rating in a report on Tuesday. Weiss Ratings restated a “hold (c)” rating on shares of Globus Medical in a report on Wednesday, October 8th. Wall Street Zen raised shares of Globus Medical from a “buy” rating to a “strong-buy” rating in a report on Saturday, January 3rd. Truist Financial reissued a “buy” rating and issued a $105.00 price target (up from $93.00) on shares of Globus Medical in a research note on Tuesday, November 18th. Finally, Canaccord Genuity Group upped their price objective on shares of Globus Medical from $105.00 to $112.00 and gave the company a “buy” rating in a research note on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $100.18.

Globus Medical Trading Down 1.8%

Shares of GMED opened at $90.20 on Friday. The firm has a market cap of $12.07 billion, a P/E ratio of 29.10, a PEG ratio of 1.36 and a beta of 1.06. Globus Medical has a 12 month low of $51.79 and a 12 month high of $101.40. The stock’s 50 day moving average is $89.98 and its two-hundred day moving average is $71.22.

Globus Medical (NYSE:GMED) last announced its earnings results on Thursday, November 6th. The medical device company reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.39. The firm had revenue of $769.05 million for the quarter, compared to analyst estimates of $734.58 million. Globus Medical had a return on equity of 11.52% and a net margin of 15.30%.The business’s revenue was up 22.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.83 EPS. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. Equities research analysts forecast that Globus Medical will post 3.44 EPS for the current year.

Insider Buying and Selling

In other news, Director David D. Davidar sold 25,000 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were sold at an average price of $86.00, for a total value of $2,150,000.00. Following the completion of the sale, the director owned 516,275 shares of the company’s stock, valued at $44,399,650. This represents a 4.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Kelly Huller sold 7,500 shares of Globus Medical stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $90.00, for a total transaction of $675,000.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 91,636 shares of company stock worth $7,984,583 over the last ninety days. 18.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Globus Medical

Hedge funds have recently modified their holdings of the business. Torren Management LLC purchased a new position in shares of Globus Medical in the fourth quarter valued at approximately $60,000. M&T Bank Corp raised its stake in shares of Globus Medical by 72.3% in the fourth quarter. M&T Bank Corp now owns 7,453 shares of the medical device company’s stock valued at $651,000 after acquiring an additional 3,127 shares in the last quarter. Comerica Bank raised its stake in shares of Globus Medical by 36.4% in the fourth quarter. Comerica Bank now owns 69,943 shares of the medical device company’s stock valued at $6,107,000 after acquiring an additional 18,670 shares in the last quarter. Washington Capital Management Inc. boosted its holdings in Globus Medical by 23.5% in the fourth quarter. Washington Capital Management Inc. now owns 10,000 shares of the medical device company’s stock valued at $873,000 after purchasing an additional 1,900 shares during the period. Finally, Inscription Capital LLC acquired a new position in Globus Medical during the 4th quarter worth $266,000. 95.16% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Company Profile

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.