Globus Medical, Inc. (NYSE:GMED) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its holdings in shares of Globus Medical, Inc. (NYSE:GMED - Free Report) by 16.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,010,932 shares of the medical device company's stock after purchasing an additional 141,492 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.73% of Globus Medical worth $53,873,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Altshuler Shaham Ltd acquired a new position in Globus Medical during the fourth quarter worth $28,000. Quarry LP acquired a new position in Globus Medical during the 1st quarter worth about $27,000. Advisory Services Network LLC boosted its holdings in Globus Medical by 109.6% during the 1st quarter. Advisory Services Network LLC now owns 503 shares of the medical device company's stock valued at $28,000 after acquiring an additional 263 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in Globus Medical in the 3rd quarter valued at about $28,000. Finally, Covestor Ltd increased its stake in Globus Medical by 86.5% during the first quarter. Covestor Ltd now owns 785 shares of the medical device company's stock worth $58,000 after purchasing an additional 364 shares during the period. 95.16% of the stock is owned by institutional investors and hedge funds.

Globus Medical Stock Down 1.3 %

NYSE GMED traded down $0.67 during trading on Thursday, reaching $52.44. 757,063 shares of the company's stock were exchanged, compared to its average volume of 1,154,031. The company has a 50 day moving average price of $53.32 and a two-hundred day moving average price of $51.30. The stock has a market cap of $7.10 billion, a P/E ratio of 45.17, a price-to-earnings-growth ratio of 1.56 and a beta of 1.08. Globus Medical, Inc. has a 1 year low of $43.38 and a 1 year high of $62.88. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88.

Globus Medical (NYSE:GMED - Get Free Report) last posted its earnings results on Tuesday, February 20th. The medical device company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.01. The firm had revenue of $616.53 million during the quarter, compared to analysts' expectations of $608.21 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The firm's revenue was up 124.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.59 earnings per share. On average, equities research analysts anticipate that Globus Medical, Inc. will post 2.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the company's stock in a transaction on Friday, March 15th. The shares were sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the transaction, the director now owns 17,419 shares in the company, valued at $905,613.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 24.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GMED has been the subject of several recent research reports. BTIG Research raised shares of Globus Medical from a "neutral" rating to a "buy" rating and set a $60.00 price objective for the company in a research note on Monday, March 18th. Canaccord Genuity Group increased their price objective on Globus Medical from $67.00 to $71.00 and gave the company a "buy" rating in a research note on Wednesday, December 20th. Royal Bank of Canada reissued an "outperform" rating and set a $70.00 target price on shares of Globus Medical in a research note on Thursday, January 11th. Stifel Nicolaus increased their price target on Globus Medical from $61.00 to $64.00 and gave the company a "buy" rating in a research report on Wednesday, February 21st. Finally, Truist Financial lifted their price objective on Globus Medical from $58.00 to $60.00 and gave the company a "hold" rating in a research note on Wednesday, February 21st. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $66.33.

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.