Canaccord Genuity Analysts Give Globus Medical Inc (GMED) a $37.00 Price Target

Globus Medical Inc (NYSE:GMED) has been assigned a $37.00 target price by investment analysts at Canaccord Genuity in a research report issued to clients and investors on Thursday. The firm currently has a “buy” rating on the medical device company’s stock. Canaccord Genuity’s target price indicates a potential upside of 21.99% from the company’s current price.

A number of other equities research analysts have also recently weighed in on GMED. Aegis reiterated a “buy” rating and set a $31.00 price target on shares of Globus Medical in a research report on Tuesday, February 28th. Oppenheimer Holdings Inc. set a $29.00 price objective on shares of Globus Medical and gave the company a “hold” rating in a research note on Tuesday, February 28th. Leerink Swann raised shares of Globus Medical from a “market perform” rating to an “outperform” rating in a research note on Wednesday, April 12th. Barclays PLC lowered shares of Globus Medical from an “equal weight” rating to an “underweight” rating and raised their price objective for the company from $24.00 to $28.00 in a research note on Monday, April 24th. Finally, Zacks Investment Research raised shares of Globus Medical from a “hold” rating to a “buy” rating and set a $36.00 price objective for the company in a research note on Friday, May 5th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $28.18.

Analyst Recommendations for Globus Medical (NYSE:GMED)

Globus Medical (NYSE:GMED) traded up 1.15% during midday trading on Thursday, reaching $30.68. 374,986 shares of the company’s stock traded hands. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 28.15 and a beta of 0.63. The firm’s 50-day moving average is $30.56 and its 200-day moving average is $26.65. Globus Medical has a 1-year low of $19.25 and a 1-year high of $33.06.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Wednesday, May 3rd. The medical device company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. Globus Medical had a net margin of 21.20% and a return on equity of 14.92%. The business had revenue of $155.81 million during the quarter. Analysts forecast that Globus Medical will post $1.27 earnings per share for the current year.

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Hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC acquired a new position in shares of Globus Medical during the first quarter worth approximately $215,000. AQR Capital Management LLC boosted its position in shares of Globus Medical by 29.8% in the first quarter. AQR Capital Management LLC now owns 128,246 shares of the medical device company’s stock worth $3,799,000 after buying an additional 29,471 shares during the last quarter. State Street Corp boosted its position in shares of Globus Medical by 3.6% in the first quarter. State Street Corp now owns 2,246,728 shares of the medical device company’s stock worth $66,545,000 after buying an additional 77,604 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Globus Medical by 17.5% in the first quarter. Bank of America Corp DE now owns 578,179 shares of the medical device company’s stock worth $17,125,000 after buying an additional 86,033 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Globus Medical during the first quarter worth approximately $254,000. 88.55% of the stock is currently owned by institutional investors.

About Globus Medical

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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