Globus Medical, Inc. (NYSE:GMED) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Globus Medical, Inc. (NYSE:GMED) have received an average recommendation of “Moderate Buy” from the sixteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $100.1818.

A number of brokerages have issued reports on GMED. Zacks Research cut shares of Globus Medical from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 9th. Wells Fargo & Company increased their target price on Globus Medical from $66.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Citigroup reissued a “market perform” rating on shares of Globus Medical in a report on Thursday, January 8th. Needham & Company LLC upgraded shares of Globus Medical from a “hold” rating to a “buy” rating and set a $112.00 price target for the company in a research report on Friday, January 30th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $105.00 price objective (up previously from $93.00) on shares of Globus Medical in a report on Tuesday, November 18th.

Insider Activity

In other news, Director Leslie V. Norwalk sold 2,000 shares of Globus Medical stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total transaction of $202,200.00. Following the sale, the director owned 10,419 shares of the company’s stock, valued at approximately $1,053,360.90. The trade was a 16.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Kyle Kline sold 3,594 shares of the stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $101.10, for a total value of $363,353.40. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 41,636 shares of company stock valued at $3,786,033. Insiders own 18.51% of the company’s stock.

Institutional Investors Weigh In On Globus Medical

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC grew its position in Globus Medical by 45.9% in the 1st quarter. AQR Capital Management LLC now owns 22,510 shares of the medical device company’s stock valued at $1,622,000 after buying an additional 7,086 shares in the last quarter. Integrated Wealth Concepts LLC boosted its holdings in shares of Globus Medical by 33.0% in the first quarter. Integrated Wealth Concepts LLC now owns 4,375 shares of the medical device company’s stock valued at $320,000 after acquiring an additional 1,085 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Globus Medical by 38.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 30,649 shares of the medical device company’s stock valued at $2,228,000 after acquiring an additional 8,540 shares during the period. Jones Financial Companies Lllp raised its holdings in Globus Medical by 237.3% during the first quarter. Jones Financial Companies Lllp now owns 850 shares of the medical device company’s stock worth $62,000 after purchasing an additional 598 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Globus Medical by 8.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 347,527 shares of the medical device company’s stock worth $25,439,000 after purchasing an additional 28,027 shares during the period. 95.16% of the stock is currently owned by institutional investors.

Globus Medical Trading Down 0.4%

GMED stock opened at $90.58 on Monday. The firm has a market cap of $12.12 billion, a P/E ratio of 29.22, a P/E/G ratio of 1.39 and a beta of 1.06. Globus Medical has a 12-month low of $51.79 and a 12-month high of $101.40. The stock’s 50 day simple moving average is $89.84 and its 200 day simple moving average is $75.02.

Globus Medical Company Profile

Globus Medical, Inc (NYSE:GMED) is a leading medical device company specializing in musculoskeletal solutions for spine and orthopaedic applications. Founded in 2003 by David C. Paul and headquartered in Audubon, Pennsylvania, the company develops, manufactures and markets implantable devices and surgical instruments designed to treat spinal disorders and promote bone healing. Its product portfolio encompasses solutions for minimally invasive and open surgical procedures, including interbody fusion devices, pedicle screw systems, and biologics used to enhance fusion outcomes.

In addition to its core spine business, Globus Medical has expanded into robotics and navigation systems to support precision and efficiency in the operating room.