Globus Medical, Inc. $GMED Shares Sold by Allworth Financial LP

Allworth Financial LP trimmed its position in shares of Globus Medical, Inc. (NYSE:GMED) by 69.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,346 shares of the medical device company’s stock after selling 27,475 shares during the period. Allworth Financial LP’s holdings in Globus Medical were worth $707,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in GMED. Wealth Enhancement Advisory Services LLC raised its holdings in Globus Medical by 2.8% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 6,316 shares of the medical device company’s stock valued at $375,000 after acquiring an additional 170 shares in the last quarter. Parallel Advisors LLC grew its holdings in Globus Medical by 45.1% during the 3rd quarter. Parallel Advisors LLC now owns 557 shares of the medical device company’s stock worth $32,000 after acquiring an additional 173 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Globus Medical by 14.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,438 shares of the medical device company’s stock valued at $82,000 after purchasing an additional 184 shares during the last quarter. EverSource Wealth Advisors LLC increased its position 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. Finally, Probity Advisors Inc. raised its holdings in shares of Globus Medical by 5.5% in the 3rd quarter. Probity Advisors Inc. now owns 3,792 shares of the medical device company’s stock valued at $217,000 after purchasing an additional 199 shares in the last quarter. Institutional investors and hedge funds own 95.16% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Needham & Company LLC lifted their price objective on shares of Globus Medical from $112.00 to $114.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Zacks Research raised Globus Medical from a “hold” rating to a “strong-buy” rating in a report on Tuesday, March 3rd. Wall Street Zen upgraded Globus Medical from a “buy” rating to a “strong-buy” rating in a research note on Saturday, January 3rd. Wells Fargo & Company raised Globus Medical to a “strong-buy” rating in a report on Wednesday, March 18th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $115.00 price objective (up from $90.00) on shares of Globus Medical in a research report on Thursday, January 8th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $104.36.

Insider Buying and Selling

In other Globus Medical news, Director Leslie V. Norwalk sold 2,000 shares of the firm’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $101.10, for a total transaction 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 trade represents a 16.10% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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 transaction of $363,353.40. The SEC filing for this sale provides additional information. Insiders sold a total of 35,594 shares of company stock worth $3,332,253 in the last 90 days. Company insiders own 18.54% of the company’s stock.

Globus Medical Stock Down 1.3%

GMED opened at $86.07 on Wednesday. Globus Medical, Inc. has a 52 week low of $51.79 and a 52 week high of $101.40. The business’s 50 day moving average is $89.93 and its two-hundred day moving average is $79.78. The firm has a market cap of $11.64 billion, a price-to-earnings ratio of 21.84, a price-to-earnings-growth ratio of 2.04 and a beta of 1.05.

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

About Globus Medical

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.