Globus Medical (NYSE:GMED) Stock Rating Upgraded by Wall Street Zen

Key Points

• Globus Medical was upgraded from a "hold" to a "buy" rating by Wall Street Zen, with eight analysts rating it as a buy and five as hold.
• The company's stock price opened at $58.73 and has seen a twelve-month low of $51.79 and a high of $94.93.
• Globus Medical reported $0.86 earnings per share for its last quarter, exceeding expectations and marking an 18.4% revenue increase compared to the previous year.

Wall Street Zen upgraded shares of Globus Medical (NYSE:GMED - Free Report) from a hold rating to a buy rating in a research report report published on Saturday morning.

A number of other equities analysts also recently issued reports on the company. Needham & Company LLC reissued a "hold" rating on shares of Globus Medical in a research note on Monday, July 21st. Canaccord Genuity Group lowered their price target on Globus Medical from $97.00 to $90.00 and set a "buy" rating on the stock in a report on Tuesday, July 22nd. Barclays restated an "overweight" rating on shares of Globus Medical in a report on Tuesday, June 10th. Morgan Stanley lowered their price target on Globus Medical from $75.00 to $68.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Finally, JMP Securities restated a "market perform" rating on shares of Globus Medical in a report on Tuesday, May 27th. Eight investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $87.64.

Globus Medical Price Performance

Shares of GMED stock traded up $0.50 during trading hours on Friday, reaching $56.72. 1,829,308 shares of the company's stock were exchanged, compared to its average volume of 921,234. The company has a market cap of $7.66 billion, a P/E ratio of 21.82, a price-to-earnings-growth ratio of 1.54 and a beta of 1.16. The company's 50 day moving average is $57.80 and its two-hundred day moving average is $63.28. Globus Medical has a 1 year low of $51.79 and a 1 year high of $94.93.

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

Insider Buying and Selling at Globus Medical

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

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. lifted its stake in shares of Globus Medical by 49.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 413,366 shares of the medical device company's stock worth $30,258,000 after purchasing an additional 136,955 shares during the period. Illinois Municipal Retirement Fund purchased a new position in shares of Globus Medical during the 1st quarter worth $587,000. New York State Teachers Retirement System lifted its stake in shares of Globus Medical by 1.2% during the 1st quarter. New York State Teachers Retirement System now owns 88,143 shares of the medical device company's stock worth $6,452,000 after purchasing an additional 1,027 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Globus Medical during the 1st quarter worth $753,000. Finally, GAMMA Investing LLC lifted its stake in shares of Globus Medical by 20.3% during the 1st quarter. GAMMA Investing LLC now owns 1,514 shares of the medical device company's stock worth $111,000 after purchasing an additional 256 shares during the period. Hedge funds and other institutional investors 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.