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.
Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company dropped their price objective on shares of Globus Medical from $80.00 to $70.00 in a research note on Wednesday, May 11th. Canaccord Genuity Group dropped their price objective on shares of Globus Medical from $80.00 to $75.00 in a research note on Wednesday, May 11th. BTIG Research dropped their price objective on shares of Globus Medical to $71.00 in a research note on Tuesday, August 9th. Piper Sandler dropped their price objective on shares of Globus Medical from $80.00 to $75.00 and set an "overweight" rating for the company in a research note on Friday, August 5th. Finally, Truist Financial dropped their price objective on shares of Globus Medical from $76.00 to $71.00 and set a "buy" rating for the company in a research note on Wednesday, July 20th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $77.36.
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Globus Medical Stock Performance
Shares of NYSE GMED opened at $67.06 on Monday. The company has a market cap of $6.67 billion, a P/E ratio of 45.33, a P/E/G ratio of 3.19 and a beta of 1.13. The firm's fifty day moving average is $58.60 and its two-hundred day moving average is $65.38. Globus Medical has a 52-week low of $52.60 and a 52-week high of $84.23.
Institutional Investors Weigh In On Globus Medical
Large investors have recently added to or reduced their stakes in the stock. Tyler Stone Wealth Management purchased a new stake in Globus Medical in the 4th quarter valued at about $25,000. Signaturefd LLC boosted its position in Globus Medical by 93.8% in the 1st quarter. Signaturefd LLC now owns 345 shares of the medical device company's stock valued at $25,000 after buying an additional 167 shares during the period. Covestor Ltd purchased a new stake in Globus Medical in the 4th quarter valued at about $30,000. First Horizon Advisors Inc. boosted its position in Globus Medical by 3,325.0% in the 2nd quarter. First Horizon Advisors Inc. now owns 548 shares of the medical device company's stock valued at $30,000 after buying an additional 532 shares during the period. Finally, SeaCrest Wealth Management LLC purchased a new stake in Globus Medical in the 2nd quarter valued at about $31,000. 67.19% of the stock is owned by hedge funds and other institutional investors.
About Globus Medical
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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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