Wells Fargo & Co upgraded shares of Globus Medical (NYSE:GMED) from an equal weight rating to an overweight rating in a report issued on Thursday, Benzinga reports. Wells Fargo & Co currently has $63.00 price target on the medical device company’s stock.

Other research analysts also recently issued reports about the stock. BTIG Research reiterated a hold rating on shares of Globus Medical in a report on Thursday, November 7th. Cantor Fitzgerald raised their price objective on Globus Medical from $55.00 to $64.00 and gave the company an overweight rating in a report on Thursday, November 7th. ValuEngine lowered Globus Medical from a buy rating to a hold rating in a research report on Tuesday, December 3rd. Zacks Investment Research upgraded Globus Medical from a hold rating to a buy rating and set a $61.00 price objective on the stock in a research report on Monday, November 11th. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $63.00 target price on shares of Globus Medical in a report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $57.71.

Shares of Globus Medical stock traded up $0.37 during midday trading on Thursday, hitting $58.16. 25,429 shares of the company traded hands, compared to its average volume of 524,523. The firm’s fifty day moving average price is $54.51 and its 200-day moving average price is $48.45. The stock has a market cap of $5.66 billion, a price-to-earnings ratio of 34.83, a PEG ratio of 2.95 and a beta of 0.96. Globus Medical has a 12 month low of $38.01 and a 12 month high of $58.25.

Globus Medical (NYSE:GMED) last issued its quarterly earnings data on Wednesday, November 6th. The medical device company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.01. Globus Medical had a net margin of 19.03% and a return on equity of 13.09%. The business had revenue of $196.22 million during the quarter, compared to the consensus estimate of $185.86 million. During the same quarter in the prior year, the firm earned $0.39 EPS. The firm’s revenue was up 15.9% compared to the same quarter last year. As a group, equities research analysts predict that Globus Medical will post 1.72 earnings per share for the current year.

In other news, SVP Kelly Huller sold 3,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $55.90, for a total value of $167,700.00. Following the transaction, the senior vice president now directly owns 3,384 shares of the company’s stock, valued at approximately $189,165.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David D. Davidar sold 38,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $54.00, for a total value of $2,052,000.00. Following the sale, the director now owns 666,775 shares in the company, valued at approximately $36,005,850. The disclosure for this sale can be found here. Insiders have sold a total of 44,000 shares of company stock worth $2,378,400 over the last three months. Insiders own 24.97% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Metropolitan Life Insurance Co NY increased its stake in shares of Globus Medical by 1.4% in the 3rd quarter. Metropolitan Life Insurance Co NY now owns 44,261 shares of the medical device company’s stock valued at $2,263,000 after acquiring an additional 591 shares in the last quarter. Millennium Management LLC grew its holdings in Globus Medical by 22.9% during the third quarter. Millennium Management LLC now owns 316,430 shares of the medical device company’s stock worth $16,175,000 after buying an additional 58,930 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Globus Medical in the 3rd quarter valued at $619,000. Voloridge Investment Management LLC purchased a new stake in Globus Medical in the 3rd quarter valued at $1,399,000. Finally, Granahan Investment Management Inc. MA lifted its stake in Globus Medical by 38.3% during the 3rd quarter. Granahan Investment Management Inc. MA now owns 59,344 shares of the medical device company’s stock valued at $3,034,000 after acquiring an additional 16,428 shares in the last quarter. 67.63% of the stock is currently owned by hedge funds and other institutional investors.

Globus Medical Company Profile

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 a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

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Analyst Recommendations for Globus Medical (NYSE:GMED)

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