Globus Medical (GMED) Upgraded by Wells Fargo & Company to Outperform

Wells Fargo & Company upgraded shares of Globus Medical (NYSE:GMED) from a market perform rating to an outperform rating in a research note released on Monday morning. They currently have $46.00 price objective on the medical device company’s stock.

Other equities analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Globus Medical from a sell rating to a hold rating in a report on Wednesday, October 4th. Barclays reaffirmed an underweight rating and issued a $28.00 price objective (down previously from $30.00) on shares of Globus Medical in a report on Wednesday, August 9th. BidaskClub downgraded shares of Globus Medical from a hold rating to a sell rating in a report on Friday, October 13th. Canaccord Genuity reaffirmed a buy rating and issued a $38.00 price objective on shares of Globus Medical in a report on Friday, September 22nd. Finally, BTIG Research reaffirmed a buy rating and issued a $37.00 price objective on shares of Globus Medical in a report on Thursday, November 9th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and eight have given a buy rating to the company’s stock. Globus Medical has an average rating of Hold and an average price target of $36.83.

Shares of Globus Medical (GMED) traded up $2.56 during trading hours on Monday, hitting $40.18. 2,364,900 shares of the company were exchanged, compared to its average volume of 688,283. The company has a market capitalization of $3,625.67, a price-to-earnings ratio of 30.10, a PEG ratio of 2.93 and a beta of 0.58. Globus Medical has a fifty-two week low of $22.74 and a fifty-two week high of $41.70.

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

In other news, insider A Brett Murphy sold 15,000 shares of the business’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $29.99, for a total transaction of $449,850.00. Following the completion of the transaction, the insider now owns 101,217 shares of the company’s stock, valued at $3,035,497.83. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 28.21% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Teachers Advisors LLC raised its position in Globus Medical by 1.7% in the first quarter. Teachers Advisors LLC now owns 119,398 shares of the medical device company’s stock worth $3,537,000 after acquiring an additional 1,963 shares in the last quarter. LS Investment Advisors LLC raised its holdings in Globus Medical by 19.3% during the 2nd quarter. LS Investment Advisors LLC now owns 6,152 shares of the medical device company’s stock worth $204,000 after buying an additional 995 shares during the period. Louisiana State Employees Retirement System raised its holdings in Globus Medical by 3.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 18,800 shares of the medical device company’s stock worth $623,000 after buying an additional 600 shares during the period. Aperio Group LLC raised its holdings in Globus Medical by 132.2% during the 2nd quarter. Aperio Group LLC now owns 34,135 shares of the medical device company’s stock worth $1,132,000 after buying an additional 19,437 shares during the period. Finally, State Treasurer State of Michigan raised its holdings in Globus Medical by 2.1% during the 2nd quarter. State Treasurer State of Michigan now owns 29,800 shares of the medical device company’s stock worth $988,000 after buying an additional 600 shares during the period. Institutional investors and hedge funds own 72.20% of the company’s stock.

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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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