Globus Medical, Inc. (NYSE:GMED) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Globus Medical, Inc. (NYSE:GMED) from a sell rating to a hold rating in a research report report published on Tuesday, August 29th.

According to Zacks, “Globus Medical, Inc. is a medical device company focused on the design, development and commercialization of products that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: innovative fusion or disruptive technologies. Its innovative fusion products address a broad range of spinal fusion surgical procedures. Its disruptive technology products include minimally invasive surgical, motion preservation and advanced biomaterials technologies. Globus Medical, Inc. is based in Audubon, Pennsylvania. “

Other equities analysts have also recently issued reports about the stock. Oppenheimer Holdings, Inc. reiterated a hold rating on shares of Globus Medical in a research report on Thursday, May 18th. BidaskClub cut shares of Globus Medical from a buy rating to a hold rating in a research report on Tuesday, July 11th. Canaccord Genuity upgraded shares of Globus Medical from a hold rating to a buy rating and upped their price objective for the stock from $30.00 to $37.00 in a research report on Thursday, May 4th. Barclays PLC restated a sell rating and issued a $30.00 price target on shares of Globus Medical in a research report on Monday, May 15th. Finally, Morgan Stanley restated an equal weight rating on shares of Globus Medical in a research report on Tuesday, July 11th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of Hold and an average target price of $31.25.

Globus Medical (GMED) traded down 1.40% during midday trading on Tuesday, hitting $30.32. The stock had a trading volume of 236,029 shares. The firm has a 50 day moving average price of $30.11 and a 200 day moving average price of $30.65. Globus Medical has a one year low of $19.25 and a one year high of $34.03. The stock has a market cap of $2.92 billion, a PE ratio of 27.32 and a beta of 0.60.

Globus Medical (NYSE:GMED) last issued its earnings results on Wednesday, August 2nd. The medical device company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.30 by $0.02. The company had revenue of $152.39 million during the quarter, compared to analysts’ expectations of $150.94 million. Globus Medical had a net margin of 18.12% and a return on equity of 13.99%. The business’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.29 EPS. Equities analysts expect that Globus Medical will post $1.27 EPS for the current year.

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In related news, insider A Brett Murphy sold 15,000 shares of the stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $29.99, for a total transaction of $449,850.00. Following the transaction, the insider now directly owns 101,217 shares of the company’s stock, valued at $3,035,497.83. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 28.21% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Globus Medical by 0.3% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 10,538 shares of the medical device company’s stock worth $349,000 after acquiring an additional 31 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Globus Medical by 1.2% during the second quarter. PNC Financial Services Group Inc. now owns 3,036 shares of the medical device company’s stock worth $100,000 after acquiring an additional 35 shares in the last quarter. Alps Advisors Inc. boosted its stake in Globus Medical by 0.3% during the second quarter. Alps Advisors Inc. now owns 17,464 shares of the medical device company’s stock worth $579,000 after acquiring an additional 45 shares in the last quarter. Advisor Group Inc. boosted its stake in Globus Medical by 2.0% during the second quarter. Advisor Group Inc. now owns 3,434 shares of the medical device company’s stock worth $114,000 after acquiring an additional 68 shares in the last quarter. Finally, 1st Global Advisors Inc. boosted its stake in Globus Medical by 1.2% during the second quarter. 1st Global Advisors Inc. now owns 11,308 shares of the medical device company’s stock worth $375,000 after acquiring an additional 130 shares in the last quarter. 65.80% of the stock is currently owned by institutional investors and hedge funds.

Globus Medical Company Profile

Globus Medical, Inc (Globus) is a medical device company focused on the design, development and commercialization of musculoskeletal implants that promote healing in patients with spine disorders. The Company is focused on implants that promote healing in patients with spine disorders. The Company’s products fall into one of two categories: Innovative Fusion or Disruptive Technologies.

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Analyst Recommendations for Globus Medical (NYSE:GMED)

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