Globus Medical (NYSE:GMED) Reaches New 52-Week High – What’s Next?

Globus Medical, Inc. (NYSE:GMED) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $89.93 and last traded at $88.04, with a volume of 471065 shares changing hands. The stock had previously closed at $86.55.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on GMED shares. Morgan Stanley upgraded shares of Globus Medical from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $83.00 to $100.00 in a research report on Monday, December 2nd. Canaccord Genuity Group lifted their price target on shares of Globus Medical from $85.00 to $92.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research report on Thursday. Stifel Nicolaus lifted their target price on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Finally, Roth Mkm raised their price objective on Globus Medical from $100.00 to $115.00 and gave the stock a “buy” rating in a research report on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $96.09.

Globus Medical Stock Up 2.2 %

The company has a fifty day moving average price of $82.81 and a two-hundred day moving average price of $75.02. The firm has a market capitalization of $12.04 billion, a price-to-earnings ratio of 131.97, a P/E/G ratio of 1.97 and a beta of 1.19.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. Globus Medical had a return on equity of 9.98% and a net margin of 3.69%. The business had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. During the same quarter in the previous year, the company posted $0.57 earnings per share. The company’s revenue for the quarter was up 63.1% compared to the same quarter last year. On average, equities analysts anticipate that Globus Medical, Inc. will post 2.97 earnings per share for the current fiscal year.

Insider Transactions at Globus Medical

In other Globus Medical news, SVP Kelly Huller sold 2,500 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $87.00, for a total transaction of $217,500.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Daniel T. Scavilla sold 60,000 shares of Globus Medical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $80.02, for a total value of $4,801,200.00. The disclosure for this sale can be found here. Insiders sold a total of 97,500 shares of company stock valued at $7,674,950 over the last three months. 18.54% of the stock is currently owned by insiders.

Institutional Trading of Globus Medical

Institutional investors have recently made changes to their positions in the stock. Coldstream Capital Management Inc. raised its stake in shares of Globus Medical by 2.2% in the 3rd quarter. Coldstream Capital Management Inc. now owns 6,219 shares of the medical device company’s stock valued at $447,000 after acquiring an additional 131 shares during the period. Stephens Inc. AR increased its holdings in Globus Medical by 3.4% in the 3rd quarter. Stephens Inc. AR now owns 4,229 shares of the medical device company’s stock valued at $303,000 after purchasing an additional 138 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Globus Medical by 2.5% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 5,637 shares of the medical device company’s stock valued at $403,000 after purchasing an additional 140 shares during the period. Central Pacific Bank Trust Division lifted its stake in shares of Globus Medical by 6.2% during the third quarter. Central Pacific Bank Trust Division now owns 3,751 shares of the medical device company’s stock worth $268,000 after purchasing an additional 220 shares in the last quarter. Finally, AQR Capital Management LLC boosted its position in shares of Globus Medical by 1.5% in the second quarter. AQR Capital Management LLC now owns 15,241 shares of the medical device company’s stock worth $1,044,000 after buying an additional 228 shares during the period. 95.16% of the stock is owned by hedge funds and other institutional investors.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.