Insider Selling: Globus Medical (NYSE:GMED) Director Sells 8,000 Shares of Stock

Globus Medical, Inc. (NYSE:GMED) Director Ann Rhoads sold 8,000 shares of the business’s stock in a transaction on Friday, November 7th. The shares were sold at an average price of $81.00, for a total transaction of $648,000.00. Following the transaction, the director directly owned 17,384 shares in the company, valued at approximately $1,408,104. The trade was a 31.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Globus Medical Stock Performance

Shares of NYSE GMED traded up $2.48 during midday trading on Monday, hitting $86.37. 3,677,556 shares of the company traded hands, compared to its average volume of 1,469,574. Globus Medical, Inc. has a 12-month low of $51.79 and a 12-month high of $94.93. The firm has a market cap of $11.66 billion, a P/E ratio of 33.22, a P/E/G ratio of 1.68 and a beta of 1.15. The stock has a 50-day moving average price of $59.83 and a 200 day moving average price of $59.85.

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on GMED shares. Bank of America upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and upped their target price for the stock from $65.00 to $91.00 in a research note on Friday. Barclays increased their price target on shares of Globus Medical from $106.00 to $114.00 and gave the stock an “overweight” rating in a research report on Monday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Globus Medical in a research report on Wednesday, October 8th. Wells Fargo & Company increased their price target on Globus Medical from $66.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday. Finally, Canaccord Genuity Group reduced their price objective on shares of Globus Medical from $97.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, July 22nd. Nine analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $88.82.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HB Wealth Management LLC increased its holdings in shares of Globus Medical by 4.7% in the 1st quarter. HB Wealth Management LLC now owns 3,804 shares of the medical device company’s stock valued at $278,000 after acquiring an additional 170 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Globus Medical by 2.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 6,316 shares of the medical device company’s stock valued at $375,000 after purchasing an additional 170 shares during the last quarter. Whittier Trust Co. raised its holdings in shares of Globus Medical by 46.5% in the first quarter. Whittier Trust Co. now owns 580 shares of the medical device company’s stock worth $42,000 after buying an additional 184 shares during the last quarter. GAMMA Investing LLC lifted its position in Globus Medical by 14.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,438 shares of the medical device company’s stock worth $82,000 after acquiring an additional 184 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Globus Medical by 74.3% in the second quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after buying an additional 197 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Company Profile

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.