Globus Medical (NYSE:GMED) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Globus Medical (NYSE:GMED) to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. Needham & Company LLC lifted their price target on Globus Medical from $112.00 to $114.00 and gave the company a “buy” rating in a research report on Wednesday, February 25th. Truist Financial set a $115.00 target price on Globus Medical in a research note on Wednesday, February 25th. Morgan Stanley boosted their price target on shares of Globus Medical from $70.00 to $100.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. Zacks Research raised shares of Globus Medical from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Finally, BTIG Research restated a “neutral” rating on shares of Globus Medical in a research report on Tuesday, December 30th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $104.36.

Globus Medical Trading Down 0.3%

GMED stock opened at $86.07 on Wednesday. The firm’s 50-day moving average is $90.10 and its two-hundred day moving average is $79.13. The company has a market capitalization of $11.64 billion, a price-to-earnings ratio of 21.84, a price-to-earnings-growth ratio of 2.02 and a beta of 1.05. Globus Medical has a 52 week low of $51.79 and a 52 week high of $101.40.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.22. Globus Medical had a net margin of 18.30% and a return on equity of 12.57%. The business had revenue of $826.42 million during the quarter, compared to analysts’ expectations of $803.29 million. During the same period last year, the firm posted $0.84 earnings per share. The business’s revenue was up 25.7% on a year-over-year basis. On average, equities research analysts predict that Globus Medical will post 3.44 earnings per share for the current year.

Insider Activity

In other news, Director Leslie V. Norwalk sold 2,000 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $101.10, for a total value of $202,200.00. Following the transaction, the director directly owned 10,419 shares of the company’s stock, valued at approximately $1,053,360.90. This represents a 16.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kyle Kline sold 3,594 shares of Globus Medical stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $101.10, for a total value of $363,353.40. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,594 shares of company stock worth $3,332,253 in the last ninety days. Corporate insiders own 18.51% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Advisory Services Network LLC bought a new stake in Globus Medical in the third quarter worth approximately $26,000. EverSource Wealth Advisors LLC lifted its stake in shares of Globus Medical by 74.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company’s stock valued at $27,000 after purchasing an additional 197 shares during the last quarter. Advisors Asset Management Inc. bought a new stake in Globus Medical in the second quarter worth $28,000. SBI Securities Co. Ltd. boosted its holdings in Globus Medical by 98.2% in the fourth quarter. SBI Securities Co. Ltd. now owns 337 shares of the medical device company’s stock worth $29,000 after purchasing an additional 167 shares in the last quarter. Finally, First Horizon Corp acquired a new position in Globus Medical during the third quarter worth $31,000. Institutional investors own 95.16% of the company’s stock.

Globus Medical Company Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.