Brokerages Set Globus Medical, Inc. (NYSE:GMED) Price Target at $94.00

Shares of Globus Medical, Inc. (NYSE:GMED - Get Free Report) have earned an average rating of "Moderate Buy" from the thirteen brokerages that are presently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $94.00.

Several equities analysts have commented on GMED shares. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a report on Tuesday, March 18th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Truist Financial lowered their price target on Globus Medical from $80.00 to $68.00 and set a "hold" rating on the stock in a report on Monday, May 12th. BTIG Research reissued a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Finally, Piper Sandler reduced their price objective on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, May 9th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GMED. SBI Securities Co. Ltd. bought a new position in Globus Medical in the fourth quarter worth $27,000. Farther Finance Advisors LLC lifted its position in Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after purchasing an additional 240 shares during the period. Larson Financial Group LLC lifted its position in Globus Medical by 1,007.7% in the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after purchasing an additional 393 shares during the period. Parallel Advisors LLC lifted its position in Globus Medical by 62.1% in the first quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares during the period. Finally, Versant Capital Management Inc raised its stake in Globus Medical by 932.1% during the first quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after acquiring an additional 494 shares in the last quarter. 95.16% of the stock is owned by institutional investors.

Globus Medical Price Performance

NYSE:GMED traded down $1.47 during mid-day trading on Friday, reaching $59.10. The stock had a trading volume of 1,813,263 shares, compared to its average volume of 1,135,238. The business's 50 day moving average is $61.38 and its 200 day moving average is $73.78. Globus Medical has a fifty-two week low of $54.48 and a fifty-two week high of $94.93. The stock has a market cap of $8.00 billion, a P/E ratio of 44.10, a PEG ratio of 1.72 and a beta of 1.19.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The firm had revenue of $598.12 million during the quarter, compared to analyst estimates of $629.74 million. During the same quarter in the prior year, the company posted $0.72 EPS. The company's quarterly revenue was down 1.4% on a year-over-year basis. Equities analysts expect that Globus Medical will post 3.44 EPS for the current year.

Globus Medical declared that its Board of Directors has approved a stock repurchase program on Thursday, May 15th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the medical device company to purchase up to 6.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors 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.