Globus Medical (GMED) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Globus Medical (NYSE:GMED) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $59.00 price target on the medical device company’s stock.
According to Zacks, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania. “
A number of other research analysts have also recently commented on the company. BTIG Research restated a neutral rating and issued a $37.00 price target on shares of Globus Medical in a research report on Monday, April 16th. Needham & Company LLC upgraded Globus Medical from a hold rating to a buy rating and set a $57.00 price target on the stock in a research report on Wednesday, April 4th. They noted that the move was a valuation call. Leerink Swann restated an outperform rating and issued a $60.00 price target (up previously from $56.00) on shares of Globus Medical in a research report on Wednesday, March 28th. Canaccord Genuity restated a buy rating and issued a $53.00 price target on shares of Globus Medical in a research report on Monday, March 12th. Finally, ValuEngine upgraded Globus Medical from a hold rating to a buy rating in a research report on Thursday, March 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Globus Medical has a consensus rating of Buy and an average target price of $50.56.
Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Wednesday, February 21st. The medical device company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.35 by $0.03. Globus Medical had a return on equity of 13.93% and a net margin of 16.88%. The company had revenue of $176.03 million for the quarter, compared to analysts’ expectations of $175.50 million. During the same quarter last year, the business earned $0.31 earnings per share. Globus Medical’s revenue was up 16.1% on a year-over-year basis. research analysts forecast that Globus Medical will post 1.5 EPS for the current fiscal year.
In other Globus Medical news, CEO David M. Demski sold 50,891 shares of Globus Medical stock in a transaction dated Friday, April 13th. The stock was sold at an average price of $51.00, for a total value of $2,595,441.00. Following the transaction, the chief executive officer now owns 152,701 shares in the company, valued at $7,787,751. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO David M. Demski sold 149,109 shares of Globus Medical stock in a transaction dated Thursday, April 19th. The shares were sold at an average price of $51.00, for a total value of $7,604,559.00. Following the completion of the transaction, the chief executive officer now owns 192,018 shares in the company, valued at approximately $9,792,918. The disclosure for this sale can be found here. In the last quarter, insiders sold 324,000 shares of company stock worth $16,400,000. Company insiders own 28.21% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in GMED. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Globus Medical by 39.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,183 shares of the medical device company’s stock valued at $172,000 after acquiring an additional 1,183 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in Globus Medical in the third quarter valued at about $177,000. First Interstate Bank grew its position in Globus Medical by 42.5% in the fourth quarter. First Interstate Bank now owns 4,321 shares of the medical device company’s stock valued at $178,000 after acquiring an additional 1,288 shares during the last quarter. Greenwood Capital Associates LLC bought a new position in Globus Medical in the fourth quarter valued at about $204,000. Finally, HPM Partners LLC bought a new position in Globus Medical in the fourth quarter valued at about $211,000. Hedge funds and other institutional investors own 65.76% of the company’s stock.
About Globus Medical
Globus Medical, Inc, a medical device company, focuses on the design, development, and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The company offers products that address an array of spinal pathologies, anatomies, and surgical approaches. Its fusion products include a range of implant and surgical approach options to treat degenerative, deformity, tumor, and trauma conditions along the spine from the occiput to the sacrum.
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