10,265 Shares in Globus Medical, Inc. (NYSE:GMED) Purchased by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC bought a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 10,265 shares of the medical device company's stock, valued at approximately $753,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of GMED. Norges Bank acquired a new stake in shares of Globus Medical in the fourth quarter valued at approximately $117,102,000. RTW Investments LP purchased a new stake in Globus Medical in the 4th quarter valued at approximately $80,394,000. Iron Triangle Partners LP acquired a new stake in Globus Medical during the 4th quarter valued at $69,808,000. Polar Capital Holdings Plc purchased a new position in Globus Medical during the fourth quarter worth $63,762,000. Finally, Driehaus Capital Management LLC acquired a new position in shares of Globus Medical in the fourth quarter worth $45,138,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on GMED. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Piper Sandler cut their price objective on shares of Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Finally, Truist Financial reduced their price objective on shares of Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a research note on Monday, May 12th. Five research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $94.00.

Globus Medical Stock Up 1.2%

Shares of GMED opened at $57.27 on Thursday. Globus Medical, Inc. has a fifty-two week low of $54.48 and a fifty-two week high of $94.93. The company's fifty day moving average is $60.44 and its two-hundred day moving average is $73.31. The firm has a market cap of $7.75 billion, a PE ratio of 42.74, a price-to-earnings-growth ratio of 1.65 and a beta of 1.19.

Globus Medical (NYSE:GMED - Get Free Report) last issued its earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). The firm had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. Globus Medical had a net margin of 7.39% and a return on equity of 10.52%. Globus Medical's revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.72 EPS. As a group, equities research analysts anticipate that Globus Medical, Inc. will post 3.44 earnings per share for the current year.

Globus Medical announced that its board has authorized a share buyback plan on Thursday, May 15th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the medical device company to repurchase up to 6.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.

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.

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