Wells Fargo & Company Has Lowered Expectations for Globus Medical (NYSE:GMED) Stock Price

Globus Medical (NYSE:GMED) had its target price trimmed by Wells Fargo & Company from $95.00 to $93.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the medical device company’s stock.

Other analysts have also recently issued research reports about the company. Bank of America raised Globus Medical from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $80.00 to $97.00 in a report on Thursday, January 9th. BTIG Research upped their target price on Globus Medical from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Piper Sandler upped their target price on Globus Medical from $80.00 to $100.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Roth Mkm upped their target price on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, December 17th. Finally, Stifel Nicolaus upped their target price on Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.91.

Globus Medical Stock Performance

Shares of GMED opened at $80.43 on Friday. The stock’s 50-day simple moving average is $86.76 and its 200 day simple moving average is $78.94. The stock has a market capitalization of $10.95 billion, a price-to-earnings ratio of 120.04, a price-to-earnings-growth ratio of 1.60 and a beta of 1.19. Globus Medical has a 52-week low of $49.33 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Thursday, February 20th. The medical device company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.74 by $0.10. The business had revenue of $657.29 million for the quarter, compared to analysts’ expectations of $646.19 million. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. On average, research analysts forecast that Globus Medical will post 2.98 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Keith W. Pfeil sold 14,167 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $88.29, for a total transaction of $1,250,804.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kelly Huller sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total value of $217,500.00. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Globus Medical by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 10,863,834 shares of the medical device company’s stock worth $898,548,000 after buying an additional 240,218 shares during the period. State Street Corp grew its position in shares of Globus Medical by 2.3% in the 3rd quarter. State Street Corp now owns 3,570,726 shares of the medical device company’s stock worth $255,450,000 after buying an additional 81,371 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Globus Medical by 7.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,804,330 shares of the medical device company’s stock worth $231,946,000 after buying an additional 199,556 shares during the last quarter. Burgundy Asset Management Ltd. grew its position in shares of Globus Medical by 1.7% in the 4th quarter. Burgundy Asset Management Ltd. now owns 2,618,108 shares of the medical device company’s stock worth $216,544,000 after buying an additional 43,330 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Globus Medical by 0.6% in the 4th quarter. Geode Capital Management LLC now owns 1,897,212 shares of the medical device company’s stock worth $156,969,000 after buying an additional 12,151 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors.

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.