Crestline Management LP Makes New $680,000 Investment in Globus Medical, Inc. (NYSE:GMED)

Crestline Management LP purchased a new position in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,223 shares of the medical device company's stock, valued at approximately $680,000.

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Globus Medical by 2.3% during 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 last quarter. JPMorgan Chase & Co. lifted its holdings in Globus Medical by 7.7% during 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. Geode Capital Management LLC lifted its holdings in Globus Medical by 0.6% during 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. Geneva Capital Management LLC lifted its holdings in shares of Globus Medical by 13.6% in the 4th quarter. Geneva Capital Management LLC now owns 1,815,837 shares of the medical device company's stock valued at $150,188,000 after purchasing an additional 217,707 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Globus Medical in the 4th quarter valued at about $117,102,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Stock Up 5.7%

GMED stock traded up $3.16 during trading on Monday, hitting $58.98. The company had a trading volume of 3,245,037 shares, compared to its average volume of 1,063,385. The firm has a market cap of $8.11 billion, a PE ratio of 78.64, a price-to-earnings-growth ratio of 1.61 and a beta of 1.32. Globus Medical, Inc. has a 1-year low of $54.48 and a 1-year high of $94.93. The firm has a 50-day moving average price of $71.82 and a 200-day moving average price of $79.84.

Globus Medical (NYSE:GMED - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.06). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The company had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. During the same quarter last year, the firm earned $0.72 EPS. The business's revenue was down 1.4% on a year-over-year basis. Sell-side analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GMED. Barclays boosted their target price on Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Piper Sandler reduced their target price on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday. Truist Financial reduced their target price on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday. Wells Fargo & Company reduced their target price on Globus Medical from $95.00 to $93.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Finally, Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Globus Medical has a consensus rating of "Moderate Buy" and a consensus target price of $94.00.

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.