Inspire Investing LLC Invests $767,000 in Globus Medical, Inc. $GMED

Key Points

• Inspire Investing LLC acquired a new position in Globus Medical, Inc., purchasing 10,476 shares valued at approximately $767,000 during the first quarter.
• Multiple institutional investors have significantly increased their holdings in Globus Medical, with 95.16% of the stock currently owned by institutional entities.
• Globus Medical reported an EPS of $0.86 for the last quarter, surpassing estimates, with a year-over-year revenue increase of 18.4%.

Inspire Investing LLC acquired a new stake in Globus Medical, Inc. (NYSE:GMED - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 10,476 shares of the medical device company's stock, valued at approximately $767,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GMED. Invesco Ltd. raised its position in shares of Globus Medical by 331.9% during the 1st quarter. Invesco Ltd. now owns 2,021,156 shares of the medical device company's stock worth $147,949,000 after buying an additional 1,553,154 shares in the last quarter. Nuveen LLC bought a new stake in shares of Globus Medical during the 1st quarter worth about $54,669,000. Truist Financial Corp raised its holdings in shares of Globus Medical by 640.7% in the 1st quarter. Truist Financial Corp now owns 508,318 shares of the medical device company's stock worth $37,209,000 after purchasing an additional 439,693 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in shares of Globus Medical by 60.1% in the 1st quarter. Driehaus Capital Management LLC now owns 873,784 shares of the medical device company's stock worth $63,961,000 after purchasing an additional 328,040 shares in the last quarter. Finally, Smith Group Asset Management LLC bought a new stake in shares of Globus Medical in the 1st quarter worth approximately $23,900,000. 95.16% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on GMED shares. JMP Securities reaffirmed a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Wells Fargo & Company reduced their target price on shares of Globus Medical from $76.00 to $66.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Morgan Stanley reduced their target price on shares of Globus Medical from $75.00 to $68.00 and set an "overweight" rating for the company in a research note on Tuesday, July 15th. Barclays reiterated an "overweight" rating on shares of Globus Medical in a research note on Tuesday, June 10th. Finally, Canaccord Genuity Group reduced their target price on shares of Globus Medical from $97.00 to $90.00 and set a "buy" rating for the company in a research note on Tuesday, July 22nd. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Globus Medical presently has a consensus rating of "Moderate Buy" and an average target price of $87.64.

Globus Medical Stock Performance

Shares of Globus Medical stock traded up $0.50 on Thursday, reaching $56.72. The stock had a trading volume of 417,795 shares, compared to its average volume of 1,397,105. The business's 50-day moving average price is $57.82 and its two-hundred day moving average price is $63.43. Globus Medical, Inc. has a fifty-two week low of $51.79 and a fifty-two week high of $94.93. The stock has a market cap of $7.66 billion, a P/E ratio of 21.83, a price-to-earnings-growth ratio of 1.58 and a beta of 1.16.

Globus Medical (NYSE:GMED - Get Free Report) last released its earnings results on Thursday, August 7th. The medical device company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.76 by $0.10. The firm had revenue of $745.34 million during the quarter, compared to analysts' expectations of $738.91 million. Globus Medical had a net margin of 13.58% and a return on equity of 10.65%. The business's quarterly revenue was up 18.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.75 EPS. As a group, equities analysts forecast that Globus Medical, Inc. will post 3.44 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

In other Globus Medical news, Director Ann D. Rhoads sold 10,000 shares of the business's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $58.46, for a total value of $584,600.00. Following the sale, the director owned 25,384 shares of the company's stock, valued at $1,483,948.64. The trade was a 28.26% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 18.51% of the stock is owned by company insiders.

Globus Medical Company Profile

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.