Globus Medical (NYSE:GMED) Price Target Raised to $85.00 at Barclays

Globus Medical (NYSE:GMED - Free Report) had its price objective raised by Barclays from $83.00 to $85.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the medical device company's stock.

Other research analysts have also recently issued research reports about the stock. Needham & Company LLC reaffirmed a hold rating on shares of Globus Medical in a report on Wednesday. Truist Financial upped their price target on shares of Globus Medical from $58.00 to $60.00 and gave the company a hold rating in a research report on Wednesday, February 21st. Royal Bank of Canada reiterated an outperform rating and set a $70.00 target price on shares of Globus Medical in a report on Thursday, January 11th. Piper Sandler increased their target price on shares of Globus Medical from $55.00 to $60.00 and gave the stock a neutral rating in a report on Wednesday. Finally, BTIG Research boosted their price target on shares of Globus Medical from $60.00 to $63.00 and gave the company a buy rating in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $66.50.

Globus Medical Price Performance

Shares of Globus Medical stock traded up $2.67 during trading on Thursday, hitting $64.40. The stock had a trading volume of 2,366,968 shares, compared to its average volume of 1,187,162. The firm has a market cap of $8.72 billion, a price-to-earnings ratio of 53.03, a P/E/G ratio of 1.53 and a beta of 1.11. Globus Medical has a 12 month low of $43.38 and a 12 month high of $65.74. The business's 50-day moving average is $52.50 and its 200 day moving average is $51.26. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10.

Globus Medical (NYSE:GMED - Get Free Report) last released its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.17. The firm had revenue of $606.67 million for the quarter, compared to analysts' expectations of $586.82 million. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The business's quarterly revenue was up 119.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.53 earnings per share. As a group, sell-side analysts anticipate that Globus Medical will post 2.69 earnings per share for the current year.

Insider Activity

In related news, Director Leslie V. Norwalk sold 10,590 shares of the company's stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the sale, the director now owns 17,419 shares in the company, valued at approximately $905,613.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 24.30% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GMED. Orion Portfolio Solutions LLC increased its holdings in shares of Globus Medical by 7.2% in the 1st quarter. Orion Portfolio Solutions LLC now owns 27,457 shares of the medical device company's stock worth $1,473,000 after purchasing an additional 1,837 shares in the last quarter. Pembroke Management LTD boosted its position in shares of Globus Medical by 5.2% during the first quarter. Pembroke Management LTD now owns 626,601 shares of the medical device company's stock valued at $33,611,000 after buying an additional 30,694 shares during the last quarter. State Board of Administration of Florida Retirement System increased its holdings in Globus Medical by 12.9% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 85,429 shares of the medical device company's stock worth $4,839,000 after buying an additional 9,754 shares in the last quarter. Motley Fool Asset Management LLC raised its position in Globus Medical by 1,263.7% in the 1st quarter. Motley Fool Asset Management LLC now owns 848,164 shares of the medical device company's stock worth $45,496,000 after buying an additional 785,970 shares during the last quarter. Finally, Motley Fool Wealth Management LLC bought a new position in Globus Medical during the 1st quarter valued at about $10,278,000. 95.16% of the stock is owned by hedge funds and other institutional investors.

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.