Globus Medical, Inc. (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 report published on Tuesday.

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. “

GMED has been the subject of a number of other reports. Canaccord Genuity set a $27.00 price target on Globus Medical and gave the company a hold rating in a research report on Tuesday, November 8th. JMP Securities downgraded Globus Medical from an outperform rating to a market perform rating in a research report on Wednesday, November 9th. Oppenheimer Holdings, Inc. downgraded Globus Medical from an outperform rating to a market perform rating and decreased their target price for the stock from $29.00 to $23.00 in a research report on Wednesday, November 9th. William Blair downgraded Globus Medical from an outperform rating to a market perform rating in a research report on Wednesday, November 9th. Finally, Citigroup Inc. downgraded Globus Medical to a market perform rating and decreased their target price for the stock from $29.00 to $23.00 in a research report on Wednesday, November 9th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $25.00.

Analyst Recommendations for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED) traded up 5.53% during mid-day trading on Tuesday, reaching $26.72. The company had a trading volume of 1,639,545 shares. The stock has a 50-day moving average of $23.67 and a 200 day moving average of $23.21. Globus Medical has a 12-month low of $19.25 and a 12-month high of $27.00. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of 21.90 and a beta of 0.62.

Globus Medical (NYSE:GMED) last issued its quarterly earnings results on Tuesday, November 8th. The medical device company reported $0.29 EPS for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.01. The company earned $135.70 million during the quarter, compared to the consensus estimate of $139.25 million. Globus Medical had a return on equity of 14.92% and a net margin of 21.20%. Globus Medical’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the business posted $0.28 earnings per share. On average, analysts expect that Globus Medical will post $1.20 EPS for the current year.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Advisor Group Inc. acquired a new position in shares of Globus Medical during the second quarter worth about $112,000. BNP Paribas Arbitrage SA increased its position in shares of Globus Medical by 85.1% in the second quarter. BNP Paribas Arbitrage SA now owns 4,852 shares of the medical device company’s stock worth $116,000 after buying an additional 2,231 shares in the last quarter. Invictus RG acquired a new position in shares of Globus Medical during the second quarter worth about $128,000. Acrospire Investment Management LLC increased its position in shares of Globus Medical by 31.7% in the third quarter. Acrospire Investment Management LLC now owns 5,400 shares of the medical device company’s stock worth $122,000 after buying an additional 1,300 shares in the last quarter. Finally, BlackRock Inc. increased its position in shares of Globus Medical by 22.6% in the second quarter. BlackRock Inc. now owns 6,127 shares of the medical device company’s stock worth $146,000 after buying an additional 1,129 shares in the last quarter. Institutional investors own 89.83% of the company’s stock.

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.

5 Day Chart for NYSE:GMED

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