Globus Medical (NYSE:GMED) Price Target Lowered to $90.00 at Canaccord Genuity Group

Globus Medical (NYSE:GMED - Get Free Report) had its price objective lowered by stock analysts at Canaccord Genuity Group from $97.00 to $90.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the medical device company's stock. Canaccord Genuity Group's price objective points to a potential upside of 68.98% from the company's previous close.

GMED has been the subject of a number of other research reports. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research note on Tuesday, May 27th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. JMP Securities reiterated a "market perform" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Barclays restated an "overweight" rating on shares of Globus Medical in a research report on Tuesday, June 10th. Finally, Piper Sandler cut 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. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Globus Medical presently has an average rating of "Moderate Buy" and a consensus price target of $90.09.

Globus Medical Trading Down 1.4%

GMED stock traded down $0.78 during trading on Tuesday, reaching $53.26. 1,087,881 shares of the stock were exchanged, compared to its average volume of 1,651,166. Globus Medical has a twelve month low of $51.87 and a twelve month high of $94.93. The company has a market capitalization of $7.21 billion, a P/E ratio of 39.75, a price-to-earnings-growth ratio of 1.58 and a beta of 1.19. The stock has a 50 day simple moving average of $58.42 and a 200-day simple moving average of $71.42.

Globus Medical (NYSE:GMED - Get Free Report) last announced 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). The firm had revenue of $598.12 million during the quarter, compared to the consensus estimate of $629.74 million. Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. Globus Medical's revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.72 EPS. Equities analysts predict that Globus Medical will post 3.44 EPS for the current year.

Globus Medical declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 15th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the medical device company to buy up to 6.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Globus Medical

Several large investors have recently bought and sold shares of the business. Farther Finance Advisors LLC lifted its stake in shares of Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock valued at $30,000 after purchasing an additional 240 shares during the period. Larson Financial Group LLC boosted its holdings in Globus Medical by 1,007.7% during the first quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock worth $32,000 after buying an additional 393 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Globus Medical by 62.1% during the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after buying an additional 193 shares during the period. Versant Capital Management Inc increased its stake in shares of Globus Medical by 932.1% in the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after acquiring an additional 494 shares during the last quarter. Finally, Whittier Trust Co. boosted its stake in Globus Medical by 46.5% during the 1st quarter. Whittier Trust Co. now owns 580 shares of the medical device company's stock worth $42,000 after acquiring an additional 184 shares during the last quarter. 95.16% of the stock is currently owned by institutional investors and hedge funds.

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.