Globus Medical Inc (NYSE:GMED) shot up 6.8% during mid-day trading on Tuesday . The stock traded as high as $41.70 and last traded at $40.18. 2,364,900 shares traded hands during trading, an increase of 244% from the average session volume of 688,283 shares. The stock had previously closed at $37.62.

Several brokerages recently issued reports on GMED. Wells Fargo & Company upgraded Globus Medical from a “market perform” rating to an “outperform” rating and set a $46.00 price target for the company in a report on Monday. ValuEngine downgraded Globus Medical from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. BTIG Research set a $42.00 price objective on Globus Medical and gave the company a “buy” rating in a research note on Monday, November 20th. Gabelli restated a “buy” rating on shares of Globus Medical in a research note on Tuesday, November 14th. Finally, BidaskClub upgraded Globus Medical from a “hold” rating to a “buy” rating in a research note on Tuesday, November 14th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $36.83.

The firm has a market capitalization of $3,882.99, a P/E ratio of 32.23, a PEG ratio of 3.14 and a beta of 0.58.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Wednesday, November 8th. The medical device company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Globus Medical had a return on equity of 13.67% and a net margin of 17.54%. The firm had revenue of $151.74 million during the quarter, compared to the consensus estimate of $150.73 million. During the same quarter in the prior year, the company earned $0.29 EPS. The business’s revenue for the quarter was up 11.9% on a year-over-year basis. equities research analysts anticipate that Globus Medical Inc will post 1.27 EPS for the current year.

In other news, Director David D. Davidar sold 55,383 shares of the company’s stock in a transaction on Monday, December 4th. The stock was sold at an average price of $40.66, for a total transaction of $2,251,872.78. Following the transaction, the director now owns 752,236 shares of the company’s stock, valued at approximately $30,585,915.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider A Brett Murphy sold 51,449 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $35.00, for a total value of $1,800,715.00. Following the transaction, the insider now directly owns 49,768 shares in the company, valued at approximately $1,741,880. The disclosure for this sale can be found here. 28.21% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in Globus Medical by 0.8% during the 2nd quarter. BlackRock Inc. now owns 7,448,420 shares of the medical device company’s stock worth $246,914,000 after purchasing an additional 61,138 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Globus Medical by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 5,712,043 shares of the medical device company’s stock worth $189,355,000 after purchasing an additional 76,345 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Globus Medical by 18.6% during the 3rd quarter. Janus Henderson Group PLC now owns 3,181,499 shares of the medical device company’s stock worth $94,554,000 after purchasing an additional 498,187 shares in the last quarter. State Street Corp lifted its holdings in Globus Medical by 5.8% during the 2nd quarter. State Street Corp now owns 2,376,667 shares of the medical device company’s stock worth $78,789,000 after purchasing an additional 129,939 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Globus Medical by 1.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,843,340 shares of the medical device company’s stock worth $54,784,000 after purchasing an additional 32,034 shares in the last quarter. 72.20% of the stock is currently owned by hedge funds and other institutional investors.

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About Globus Medical

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

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