Wall Street Zen Upgrades Globus Medical (NYSE:GMED) to “Strong-Buy”

Globus Medical (NYSE:GMED) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Sunday.

Several other analysts have also commented on GMED. Stifel Nicolaus assumed coverage on Globus Medical in a research note on Tuesday, October 28th. They issued a “hold” rating and a $64.00 price target on the stock. Bank of America upgraded shares of Globus Medical from a “neutral” rating to a “buy” rating and boosted their target price for the company from $65.00 to $91.00 in a research note on Friday, November 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a report on Monday, July 21st. Barclays lifted their price target on shares of Globus Medical from $106.00 to $114.00 and gave the company an “overweight” rating in a report on Monday, November 10th. Finally, Zacks Research raised shares of Globus Medical from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 10th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Globus Medical currently has a consensus rating of “Moderate Buy” and an average target price of $88.82.

Globus Medical Stock Down 1.0%

NYSE GMED opened at $83.63 on Friday. Globus Medical has a twelve month low of $51.79 and a twelve month high of $94.93. The stock has a market cap of $11.30 billion, a P/E ratio of 32.17, a PEG ratio of 1.68 and a beta of 1.15. The company’s 50-day simple moving average is $62.79 and its 200 day simple moving average is $60.38.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Thursday, November 6th. The medical device company reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.39. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The firm 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 company’s revenue for the quarter was up 22.9% compared to the same quarter last year. Globus Medical has set its FY 2025 guidance at 3.750-3.85 EPS. Research analysts anticipate that Globus Medical will post 3.44 earnings per share for the current year.

Insider Activity

In related news, Director David D. Davidar sold 25,000 shares of the firm’s 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 trade represents a 4.62% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Stephen T. Zarrilli sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $84.29, for a total transaction of $2,107,250.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 70,000 shares of company stock valued at $5,659,850 over the last three months. 18.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Globus Medical

Large investors have recently made changes to their positions in the company. Inspire Investing LLC acquired a new stake in shares of Globus Medical during the first quarter worth $767,000. Foresight Group Ltd Liability Partnership bought a new position in Globus Medical during the 1st quarter worth about $11,995,000. Amundi increased its holdings in Globus Medical by 642,750.0% during the 1st quarter. Amundi now owns 25,714 shares of the medical device company’s stock worth $1,852,000 after purchasing an additional 25,710 shares in the last quarter. Pinnacle Wealth Management LLC acquired a new stake in shares of Globus Medical in the 1st quarter valued at about $664,000. Finally, HighTower Advisors LLC lifted its holdings in shares of Globus Medical by 1.7% in the first quarter. HighTower Advisors LLC now owns 40,682 shares of the medical device company’s stock valued at $2,978,000 after purchasing an additional 680 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

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.