Globus Medical (NYSE:GMED) Given "Hold" Rating at Needham & Company LLC

Globus Medical (NYSE:GMED - Get Free Report)'s stock had its "hold" rating reissued by research analysts at Needham & Company LLC in a research note issued on Monday,Benzinga reports.

GMED has been the subject of several other reports. BTIG Research restated a "neutral" rating on shares of Globus Medical in a research report on Tuesday, May 27th. Piper Sandler cut their price target on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, May 9th. Truist Financial cut their price target on Globus Medical from $80.00 to $68.00 and set a "hold" rating for the company in a report on Monday, May 12th. Wall Street Zen upgraded Globus Medical from a "hold" rating to a "buy" rating in a report on Monday, May 12th. Finally, Barclays reiterated an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $90.09.

Globus Medical Trading Up 2.0%

NYSE:GMED traded up $1.07 during trading hours on Monday, hitting $54.08. The company's stock had a trading volume of 1,616,010 shares, compared to its average volume of 1,186,327. The stock has a market capitalization of $7.32 billion, a P/E ratio of 40.36, a price-to-earnings-growth ratio of 1.51 and a beta of 1.19. The stock has a fifty day moving average of $58.74 and a 200-day moving average of $71.89. Globus Medical has a 52-week low of $51.87 and a 52-week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). The firm had revenue of $598.12 million for the quarter, compared to analysts' expectations of $629.74 million. Globus Medical had a return on equity of 10.52% and a net margin of 7.39%. The company's quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 EPS. On average, sell-side analysts forecast that Globus Medical will post 3.44 earnings per share for the current year.

Globus Medical declared that its board has approved a share 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 reacquire up to 6.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On Globus Medical

A number of institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC raised its holdings in Globus Medical by 145.5% in the 1st quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after acquiring an additional 240 shares during the period. Larson Financial Group LLC increased its holdings in shares of Globus Medical by 1,007.7% during the 1st 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 increased its holdings 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 purchasing an additional 193 shares during the period. Versant Capital Management Inc increased its holdings in shares of Globus Medical by 932.1% during the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock worth $40,000 after purchasing an additional 494 shares during the period. Finally, Whittier Trust Co. increased its holdings in shares of 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 purchasing an additional 184 shares during the period. Institutional investors and hedge funds own 95.16% of the company's stock.

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.