Morgan Stanley Raises Globus Medical (NYSE:GMED) Price Target to $83.00

Globus Medical (NYSE:GMED) had its target price raised by research analysts at Morgan Stanley from $74.00 to $83.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has an “equal weight” rating on the medical device company’s stock. Morgan Stanley’s target price would suggest a potential downside of 0.57% from the stock’s previous close.

Several other equities analysts have also recently weighed in on GMED. Roth Mkm reiterated a “buy” rating and issued a $100.00 price target on shares of Globus Medical in a research report on Wednesday, November 6th. Bank of America boosted their target price on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a research report on Wednesday, November 6th. Stifel Nicolaus boosted their target price on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Piper Sandler boosted their target price on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, Barclays boosted their target price on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $88.18.

Globus Medical Price Performance

NYSE:GMED opened at $83.48 on Monday. The business has a fifty day simple moving average of $72.47 and a two-hundred day simple moving average of $68.92. Globus Medical has a 1 year low of $43.68 and a 1 year high of $84.87. The company has a market capitalization of $11.30 billion, a P/E ratio of 124.60, a P/E/G ratio of 1.93 and a beta of 1.17.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.65 by $0.18. The company had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The firm’s quarterly revenue was up 63.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 earnings per share. As a group, analysts anticipate that Globus Medical will post 2.97 earnings per share for the current year.

Insiders Place Their Bets

In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $70.36, for a total transaction of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ann D. Rhoads sold 15,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock valued at $8,512,850 over the last 90 days. Insiders own 18.54% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings in Globus Medical by 37.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,293 shares of the medical device company’s stock valued at $1,679,000 after purchasing an additional 8,534 shares during the period. Janney Montgomery Scott LLC grew its holdings in shares of Globus Medical by 26.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 35,640 shares of the medical device company’s stock worth $1,912,000 after acquiring an additional 7,565 shares during the period. GSA Capital Partners LLP purchased a new position in shares of Globus Medical during the 1st quarter worth approximately $429,000. State Board of Administration of Florida Retirement System increased its position in Globus Medical by 12.9% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company’s stock valued at $4,839,000 after buying an additional 9,754 shares in the last quarter. Finally, Pembroke Management LTD boosted its stake in Globus Medical by 5.2% during the 1st quarter. Pembroke Management LTD now owns 626,601 shares of the medical device company’s stock valued at $33,611,000 after purchasing an additional 30,694 shares during 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.