Globus Medical (GMED) Shares Gap Up to $39.84

Globus Medical Inc (NYSE:GMED) gapped up before the market opened on Wednesday . The stock had previously closed at $35.44, but opened at $39.84. Globus Medical shares last traded at $42.68, with a volume of 3278848 shares trading hands.

A number of research firms have recently commented on GMED. Zacks Investment Research upgraded Globus Medical from a “sell” rating to a “hold” rating in a research report on Tuesday, October 16th. Morgan Stanley raised their price target on shares of Globus Medical from $60.00 to $64.00 and gave the company a “buy” rating in a research note on Tuesday, September 25th. Oppenheimer set a $61.00 price target on shares of Globus Medical and gave the company a “hold” rating in a research note on Friday, November 9th. Piper Jaffray Companies raised their price target on shares of Globus Medical to $62.00 and gave the company an “overweight” rating in a research note on Friday, November 9th. Finally, Leerink Swann raised their price target on shares of Globus Medical from $61.00 to $65.00 and gave the company an “outperform” rating in a research note on Friday, November 9th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $56.50.

The company has a market capitalization of $4.20 billion, a price-to-earnings ratio of 32.35, a P/E/G ratio of 2.03 and a beta of 0.73.

Globus Medical (NYSE:GMED) last released its earnings results on Thursday, November 8th. The medical device company reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.06. Globus Medical had a net margin of 20.79% and a return on equity of 15.36%. The business had revenue of $169.20 million for the quarter, compared to analyst estimates of $167.47 million. During the same period last year, the company posted $0.30 EPS. The business’s revenue was up 11.5% on a year-over-year basis. Analysts forecast that Globus Medical Inc will post 1.62 EPS for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Price Capital Management Inc. acquired a new stake in shares of Globus Medical during the 3rd quarter worth approximately $131,000. Penserra Capital Management LLC acquired a new stake in shares of Globus Medical during the 3rd quarter worth approximately $161,000. Hsbc Holdings PLC acquired a new stake in shares of Globus Medical during the 3rd quarter worth approximately $206,000. D.A. Davidson & CO. acquired a new stake in shares of Globus Medical during the 3rd quarter worth approximately $207,000. Finally, Greenwood Capital Associates LLC acquired a new stake in shares of Globus Medical during the 3rd quarter worth approximately $208,000. 65.19% of the stock is currently owned by institutional investors and hedge funds.

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Globus Medical Company Profile (NYSE:GMED)

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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