David D. Davidar Sells 20,000 Shares of Globus Medical, Inc. (NYSE:GMED) Stock

Globus Medical, Inc. (NYSE:GMED - Get Free Report) Director David D. Davidar sold 20,000 shares of the company's stock in a transaction dated Wednesday, May 8th. The shares were sold at an average price of $65.00, for a total transaction of $1,300,000.00. Following the completion of the transaction, the director now directly owns 566,275 shares in the company, valued at approximately $36,807,875. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Globus Medical Trading Up 0.6 %

Shares of NYSE:GMED traded up $0.36 during midday trading on Friday, reaching $64.72. The company had a trading volume of 1,794,086 shares, compared to its average volume of 1,193,831. Globus Medical, Inc. has a 1-year low of $43.38 and a 1-year high of $65.74. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. The firm has a market cap of $8.76 billion, a price-to-earnings ratio of 55.02, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The company has a fifty day simple moving average of $52.71 and a two-hundred day simple moving average of $51.35.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.17. The business had revenue of $606.67 million during the quarter, compared to analyst estimates of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The firm's revenue was up 119.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.53 EPS. Research analysts predict that Globus Medical, Inc. will post 2.69 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GMED. Commonwealth Equity Services LLC increased its stake in shares of Globus Medical by 75.3% in the 3rd quarter. Commonwealth Equity Services LLC now owns 10,424 shares of the medical device company's stock valued at $518,000 after acquiring an additional 4,476 shares during the last quarter. New York State Teachers Retirement System boosted its stake in shares of Globus Medical by 61.2% during the 3rd quarter. New York State Teachers Retirement System now owns 90,974 shares of the medical device company's stock worth $4,517,000 after acquiring an additional 34,522 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Globus Medical by 52.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,993 shares of the medical device company's stock valued at $1,191,000 after purchasing an additional 8,206 shares during the last quarter. Advisor Partners II LLC bought a new position in Globus Medical in the 3rd quarter valued at about $441,000. Finally, Park Avenue Securities LLC acquired a new stake in Globus Medical during the 3rd quarter worth approximately $331,000. 95.16% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have commented on GMED. Stifel Nicolaus boosted their price target on shares of Globus Medical from $64.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday. Truist Financial increased their price objective on Globus Medical from $58.00 to $60.00 and gave the stock a "hold" rating in a research report on Wednesday, February 21st. Piper Sandler boosted their price target on Globus Medical from $55.00 to $60.00 and gave the stock a "neutral" rating in a research note on Wednesday. BTIG Research raised their target price on shares of Globus Medical from $60.00 to $63.00 and gave the company a "buy" rating in a report on Wednesday. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $70.00 price objective on shares of Globus Medical in a research note on Thursday, January 11th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $66.50.

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.

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