Globus Medical (NYSE:GMED) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

According to Zacks, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania. “

GMED has been the topic of several other reports. Barclays reduced their price objective on Globus Medical from $28.00 to $27.00 and set an “underweight” rating on the stock in a research note on Thursday, October 19th. BidaskClub upgraded Globus Medical from a “strong sell” rating to a “sell” rating in a research note on Thursday, September 7th. ValuEngine cut Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Piper Jaffray Companies reiterated a “buy” rating on shares of Globus Medical in a research note on Thursday, October 19th. Finally, Needham & Company LLC started coverage on Globus Medical in a research note on Tuesday, September 26th. They issued a “hold” rating on the stock. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $38.86.

Shares of Globus Medical (GMED) traded down $0.15 during midday trading on Thursday, hitting $42.75. The stock had a trading volume of 507,383 shares, compared to its average volume of 677,496. The firm has a market capitalization of $4,120.00, a PE ratio of 38.86, a P/E/G ratio of 3.04 and a beta of 0.56. Globus Medical has a twelve month low of $24.70 and a twelve month high of $43.59.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, November 8th. The medical device company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $151.74 million for the quarter, compared to analysts’ expectations of $150.73 million. Globus Medical had a return on equity of 13.67% and a net margin of 17.54%. The company’s revenue for the quarter was up 11.9% compared to the same quarter last year. During the same period last year, the firm earned $0.29 earnings per share. equities research analysts predict that Globus Medical will post 1.27 earnings per share for the current year.

In other Globus Medical news, CAO Steven Payne sold 3,076 shares of the firm’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $39.30, for a total value of $120,886.80. Following the sale, the chief accounting officer now directly owns 23,847 shares in the company, valued at $937,187.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Anthony L. Williams sold 15,000 shares of the firm’s stock in a transaction on Wednesday, December 13th. The shares were sold at an average price of $38.30, for a total value of $574,500.00. Following the completion of the sale, the president now owns 15,000 shares in the company, valued at $574,500. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 124,908 shares of company stock worth $4,747,975. 28.21% of the stock is owned by insiders.

Hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. grew its holdings in shares of Globus Medical by 26.2% during the second quarter. Goldman Sachs Group Inc. now owns 166,090 shares of the medical device company’s stock worth $5,505,000 after purchasing an additional 34,513 shares during the last quarter. Retirement Systems of Alabama grew its holdings in shares of Globus Medical by 45.6% during the third quarter. Retirement Systems of Alabama now owns 135,562 shares of the medical device company’s stock worth $4,029,000 after purchasing an additional 42,481 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Globus Medical by 1.4% during the second quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock worth $189,355,000 after purchasing an additional 76,345 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Globus Medical by 7.4% during the third quarter. Rhumbline Advisers now owns 154,127 shares of the medical device company’s stock worth $4,581,000 after purchasing an additional 10,679 shares during the last quarter. Finally, AJO LP purchased a new position in shares of Globus Medical during the second quarter worth about $1,262,000. 70.23% of the stock is currently owned by institutional investors.

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About Globus Medical

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

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