Globus Medical (NYSE:GMED – Get Rating) was upgraded by equities research analysts at StockNews.com from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Monday.
A number of other research firms have also recently issued reports on GMED. Piper Sandler cut their price objective on shares of Globus Medical from $80.00 to $75.00 and set an "overweight" rating on the stock in a research report on Friday, August 5th. BTIG Research decreased their price objective on shares of Globus Medical to $71.00 in a research note on Tuesday, August 9th. Morgan Stanley reduced their target price on shares of Globus Medical from $68.00 to $62.00 and set an "equal weight" rating for the company in a research report on Friday, July 15th. Wells Fargo & Company cut their price objective on shares of Globus Medical from $80.00 to $70.00 in a report on Wednesday, May 11th. Finally, Canaccord Genuity Group cut their price objective on shares of Globus Medical from $80.00 to $75.00 in a report on Wednesday, May 11th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $77.36.
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Globus Medical Price Performance
Shares of Globus Medical stock traded up $0.87 during trading on Monday, hitting $67.54. The company's stock had a trading volume of 447,187 shares, compared to its average volume of 704,046. The stock has a market cap of $6.72 billion, a price-to-earnings ratio of 45.33, a price-to-earnings-growth ratio of 3.19 and a beta of 1.13. The stock has a 50-day moving average price of $58.49 and a two-hundred day moving average price of $65.36. Globus Medical has a 52 week low of $52.60 and a 52 week high of $84.23.
Institutional Trading of Globus Medical
A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. lifted its position in Globus Medical by 0.7% during the first quarter. BlackRock Inc. now owns 7,347,858 shares of the medical device company's stock valued at $542,124,000 after purchasing an additional 48,913 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in Globus Medical by 125.8% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 4,562,730 shares of the medical device company's stock valued at $256,152,000 after purchasing an additional 2,542,264 shares during the period. Wellington Management Group LLP increased its position in Globus Medical by 0.6% during the 1st quarter. Wellington Management Group LLP now owns 3,236,599 shares of the medical device company's stock valued at $238,796,000 after purchasing an additional 20,375 shares during the period. State Street Corp increased its position in Globus Medical by 2.9% during the 1st quarter. State Street Corp now owns 2,219,112 shares of the medical device company's stock valued at $163,726,000 after purchasing an additional 62,156 shares during the period. Finally, Champlain Investment Partners LLC grew its position in shares of Globus Medical by 7.6% in the 4th quarter. Champlain Investment Partners LLC now owns 1,757,735 shares of the medical device company's stock worth $126,908,000 after buying an additional 123,500 shares during the last quarter. 67.19% of the stock is owned by hedge funds and other institutional investors.
Globus Medical Company Profile
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Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. It offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative, deformity, tumors, and trauma conditions; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional pain management solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.
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