Truist Financial Cuts Globus Medical (NYSE:GMED) Price Target to $68.00

Globus Medical (NYSE:GMED - Get Free Report) had its price target dropped by analysts at Truist Financial from $80.00 to $68.00 in a report issued on Monday,Benzinga reports. The firm presently has a "hold" rating on the medical device company's stock. Truist Financial's target price indicates a potential upside of 18.94% from the stock's previous close.

Several other analysts have also issued reports on the stock. Barclays boosted their price target on shares of Globus Medical from $100.00 to $103.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. StockNews.com cut shares of Globus Medical from a "buy" rating to a "hold" rating in a research note on Friday, March 21st. Needham & Company LLC reiterated a "hold" rating on shares of Globus Medical in a research report on Tuesday, March 18th. Wells Fargo & Company reduced their target price on shares of Globus Medical from $95.00 to $93.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Finally, Piper Sandler lowered their price objective on Globus Medical from $100.00 to $80.00 and set an "overweight" rating for the company in a research report on Friday, May 9th. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $94.00.

Globus Medical Stock Performance

Shares of NYSE GMED traded down $1.00 during trading on Monday, hitting $57.17. 468,942 shares of the company traded hands, compared to its average volume of 1,069,476. The firm has a market capitalization of $7.86 billion, a price-to-earnings ratio of 76.26, a P/E/G ratio of 1.61 and a beta of 1.32. The business's fifty day moving average is $71.07 and its 200 day moving average is $79.54. Globus Medical has a fifty-two week low of $54.48 and a fifty-two week high of $94.93.

Globus Medical (NYSE:GMED - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The medical device company reported $0.68 EPS for the quarter, missing analysts' consensus estimates of $0.74 by ($0.06). Globus Medical had a net margin of 4.09% and a return on equity of 10.83%. The business had revenue of $598.12 million for the quarter, compared to the consensus estimate of $629.74 million. During the same quarter last year, the firm posted $0.72 EPS. The business's revenue for the quarter was down 1.4% compared to the same quarter last year. On average, analysts predict that Globus Medical will post 3.44 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GMED. SBI Securities Co. Ltd. bought a new position in Globus Medical during the fourth quarter valued at approximately $27,000. Farther Finance Advisors LLC boosted its stake in shares of Globus Medical by 145.5% in the first quarter. Farther Finance Advisors LLC now owns 405 shares of the medical device company's stock worth $30,000 after acquiring an additional 240 shares during the period. Larson Financial Group LLC raised its stake in Globus Medical by 1,007.7% during the 1st quarter. Larson Financial Group LLC now owns 432 shares of the medical device company's stock valued at $32,000 after purchasing an additional 393 shares during the period. Parallel Advisors LLC lifted its holdings in Globus Medical by 62.1% in the 1st quarter. Parallel Advisors LLC now owns 504 shares of the medical device company's stock worth $37,000 after purchasing an additional 193 shares in the last quarter. Finally, Versant Capital Management Inc grew its holdings in Globus Medical by 932.1% during the 1st quarter. Versant Capital Management Inc now owns 547 shares of the medical device company's stock valued at $40,000 after buying an additional 494 shares in the last quarter. Institutional investors own 95.16% of the company's stock.

Globus Medical Company Profile

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.