Piper Sandler Boosts Globus Medical (NYSE:GMED) Price Target to $60.00

Globus Medical (NYSE:GMED) had its price target hoisted by Piper Sandler from $55.00 to $60.00 in a research report released on Wednesday, Benzinga reports. They currently have a neutral rating on the medical device company’s stock.

Several other brokerages have also recently weighed in on GMED. Truist Financial boosted their target price on Globus Medical from $58.00 to $60.00 and gave the stock a hold rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed an outperform rating and set a $70.00 price target on shares of Globus Medical in a research report on Thursday, January 11th. Needham & Company LLC reaffirmed a hold rating on shares of Globus Medical in a research report on Wednesday. Stifel Nicolaus lifted their price target on shares of Globus Medical from $64.00 to $70.00 and gave the company a buy rating in a research report on Wednesday. Finally, BTIG Research lifted 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 issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $66.50.

Globus Medical Price Performance

GMED stock traded up $2.67 during trading on Wednesday, hitting $64.40. The stock had a trading volume of 2,366,968 shares, compared to its average volume of 1,187,162. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. Globus Medical has a twelve month low of $43.38 and a twelve month high of $65.74. The stock has a market capitalization of $8.72 billion, a P/E ratio of 53.03, a PEG ratio of 1.53 and a beta of 1.11. The company’s 50-day moving average price is $52.50 and its two-hundred day moving average price is $51.26.

Globus Medical (NYSE:GMED) last issued its 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 business had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business’s revenue for the quarter was up 119.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 EPS. As a group, research analysts predict that Globus Medical will post 2.69 EPS for the current fiscal year.

Insider Transactions at Globus Medical

In other news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the sale, the director now owns 17,419 shares of the company’s stock, valued at $905,613.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 24.30% of the company’s stock.

Hedge Funds Weigh In On Globus Medical

Several large investors have recently bought and sold shares of GMED. Vanguard Group Inc. boosted its stake in shares of Globus Medical by 49.7% during the third quarter. Vanguard Group Inc. now owns 11,245,502 shares of the medical device company’s stock worth $558,339,000 after buying an additional 3,732,959 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Globus Medical by 16.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,010,932 shares of the medical device company’s stock worth $53,873,000 after buying an additional 141,492 shares during the period. SG Americas Securities LLC boosted its stake in shares of Globus Medical by 854.5% during the fourth quarter. SG Americas Securities LLC now owns 160,338 shares of the medical device company’s stock worth $8,544,000 after buying an additional 143,540 shares during the period. Leeward Investments LLC MA boosted its stake in shares of Globus Medical by 14.5% during the fourth quarter. Leeward Investments LLC MA now owns 174,141 shares of the medical device company’s stock worth $9,280,000 after buying an additional 22,022 shares during the period. Finally, Sector Gamma AS acquired a new stake in shares of Globus Medical during the third quarter worth about $11,014,000. Institutional investors and hedge funds 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.