Globus Medical’s “Outperform” Rating Reaffirmed at Oppenheimer (GMED)
Globus Medical (NASDAQ:GMED)‘s stock had its “outperform” rating reiterated by equities research analysts at Oppenheimer in a research note issued to investors on Wednesday. They currently have a $24.00 price target on the stock, down from their previous price target of $28.00. Oppenheimer’s price objective suggests a potential upside of 29.66% from the stock’s previous close.
Shares of Globus Medical (NASDAQ:GMED) traded down 17.95% on Wednesday, hitting $18.51. 6,422,184 shares of the company’s stock traded hands. Globus Medical has a 52 week low of $16.29 and a 52 week high of $27.14. The stock has a 50-day moving average of $23.31 and a 200-day moving average of $24.06. The company has a market cap of $1.741 billion and a P/E ratio of 30.45.
Globus Medical (NASDAQ:GMED) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $0.23 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.23. The company had revenue of $113.60 million for the quarter, compared to the consensus estimate of $119.83 million. During the same quarter in the prior year, the company posted $0.21 earnings per share. The company’s quarterly revenue was up 6.2% on a year-over-year basis. On average, analysts predict that Globus Medical will post $0.94 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at WallachBeth Capital upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research note on Wednesday. They now have a $24.00 price target on the stock, down previously from $27.00. Separately, analysts at Piper Jaffray cut their price target on shares of Globus Medical from $28.00 to $26.00 in a research note on Wednesday. Finally, analysts at Canaccord Genuity cut their price target on shares of Globus Medical from $27.00 to $24.00 in a research note on Wednesday. They now have a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $24.50.
Globus Medical, Inc (NASDAQ:GMED) is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders.
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