Globus Medical, Inc. (NYSE:GMED – Get Rating) has been given a consensus recommendation of “Moderate Buy” by the twelve brokerages that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $77.36.
GMED has been the topic of several recent analyst reports. Piper Sandler lowered their target price 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. StockNews.com upgraded shares of Globus Medical from a “hold” rating to a “buy” rating in a research report on Monday, August 15th. BTIG Research lowered their price target on shares of Globus Medical to $71.00 in a research report on Tuesday, August 9th. Morgan Stanley lowered their price target on shares of Globus Medical from $68.00 to $62.00 and set an “equal weight” rating on the stock in a research report on Friday, July 15th. Finally, Wells Fargo & Company lowered their price target on shares of Globus Medical from $80.00 to $70.00 in a research report on Wednesday, May 11th.
Globus Medical Trading Down 2.1 %
Shares of GMED opened at $64.80 on Friday. The firm’s 50-day moving average is $59.03 and its two-hundred day moving average is $65.37. Globus Medical has a twelve month low of $52.60 and a twelve month high of $84.23. The firm has a market capitalization of $6.45 billion, a P/E ratio of 43.49, a PEG ratio of 3.17 and a beta of 1.13.
Hedge Funds Weigh In On Globus Medical
Several institutional investors and hedge funds have recently modified their holdings of the company. Tyler Stone Wealth Management purchased a new position in Globus Medical during the fourth quarter worth approximately $25,000. Signaturefd LLC raised its stake in Globus Medical by 93.8% during the first quarter. Signaturefd LLC now owns 345 shares of the medical device company’s stock worth $25,000 after purchasing an additional 167 shares during the period. Covestor Ltd purchased a new position in Globus Medical during the fourth quarter worth approximately $30,000. First Horizon Advisors Inc. raised its stake in Globus Medical by 3,325.0% during the second quarter. First Horizon Advisors Inc. now owns 548 shares of the medical device company’s stock worth $30,000 after purchasing an additional 532 shares during the period. Finally, SeaCrest Wealth Management LLC purchased a new position in Globus Medical during the second quarter worth approximately $31,000. Hedge funds and other institutional investors own 67.19% of the company’s stock.
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.
Further Reading
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