Globus Medical (NYSE:GMED) Stock Rating Upgraded by Zacks Research

Key Points

• Zacks Research upgraded Globus Medical from a "hold" to a "strong-buy", and multiple firms have raised ratings and targets; the consensus is a "Moderate Buy" with an average price target of $104.36.
• Globus Medical beat quarterly estimates with EPS of $1.28 (vs. $1.06) and revenue of $826.42M (vs. $803.29M), a 25.7% year-over-year revenue increase, and analysts project about 3.44 EPS for the fiscal year.
• Insiders sold a total of 35,594 shares worth $3.33M in the last quarter (including the CFO and a director), although insiders still own 18.51% of the company's stock.

Globus Medical (NYSE:GMED - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Tuesday,Zacks.com reports.

A number of other analysts have also issued reports on the stock. Barclays raised their target price on shares of Globus Medical from $118.00 to $123.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 25th. TD Cowen upgraded Globus Medical to a "strong-buy" rating in a research note on Tuesday, January 27th. Wells Fargo & Company lifted their price target on Globus Medical from $98.00 to $104.00 and gave the company an "overweight" rating in a report on Thursday, February 26th. Piper Sandler reiterated an "overweight" rating and set a $115.00 price objective (up from $90.00) on shares of Globus Medical in a report on Thursday, January 8th. Finally, Bank of America upgraded shares of Globus Medical from a "neutral" rating to a "buy" rating and boosted their target price for the company from $65.00 to $91.00 in a report on Friday, November 7th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Globus Medical presently has a consensus rating of "Moderate Buy" and an average price target of $104.36.

Globus Medical Price Performance

Globus Medical stock traded down $0.90 during mid-day trading on Tuesday, reaching $89.56. The company had a trading volume of 27,556 shares, compared to its average volume of 1,369,179. Globus Medical has a 1 year low of $51.79 and a 1 year high of $101.40. The company has a market capitalization of $11.99 billion, a P/E ratio of 22.73, a P/E/G ratio of 2.14 and a beta of 1.05. The stock's 50-day simple moving average is $90.87 and its 200-day simple moving average is $77.12.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Tuesday, February 24th. The medical device company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.22. Globus Medical had a net margin of 18.30% and a return on equity of 12.57%. The company had revenue of $826.42 million for the quarter, compared to the consensus estimate of $803.29 million. During the same quarter in the prior year, the firm earned $0.84 earnings per share. The company's revenue for the quarter was up 25.7% compared to the same quarter last year. On average, equities analysts forecast that Globus Medical will post 3.44 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Kyle Kline sold 3,594 shares of the business's stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total value of $363,353.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Leslie V. Norwalk sold 2,000 shares of the firm's stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $101.10, for a total value of $202,200.00. Following the completion of the sale, the director owned 10,419 shares in the company, valued at $1,053,360.90. The trade was a 16.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 35,594 shares of company stock valued at $3,332,253 in the last quarter. Insiders own 18.51% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Advisory Services Network LLC acquired a new stake in Globus Medical during the 3rd quarter worth about $26,000. EverSource Wealth Advisors LLC boosted its position in Globus Medical by 74.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 462 shares of the medical device company's stock worth $27,000 after acquiring an additional 197 shares during the period. Advisors Asset Management Inc. acquired a new stake in shares of Globus Medical during the 2nd quarter valued at $28,000. SBI Securities Co. Ltd. grew its stake in Globus Medical by 98.2% in the fourth quarter. SBI Securities Co. Ltd. now owns 337 shares of the medical device company's stock valued at $29,000 after purchasing an additional 167 shares in the last quarter. Finally, First Horizon Corp acquired a new position in Globus Medical in the 3rd quarter worth about $31,000. 95.16% of the stock is owned by institutional investors and hedge funds.

About Globus Medical

Globus Medical, Inc NYSE: GMED is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.