Canaccord Genuity analyst Kyle Rose maintained a Buy rating on Globus Medical (NYSE: GMED) today and set a price target of $58. The company’s shares opened today at $51.42, close to its 52-week high of $52.56.
According to TipRanks.com, Rose is a 5-star analyst with an average return of 11.2% and a 57.1% success rate. Rose covers the Healthcare sector, focusing on stocks such as Obalon Therapeutics Inc, Zimmer Biomet Holdings, and Smith & Nephew Snats.
Currently, the analyst consensus on Globus Medical is Moderate Buy and the average price target is $56.67, representing a 10.2% upside.
In a report released today, Needham also reiterated a Buy rating on the stock with a $58 price target.
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Based on Globus Medical’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $176 million and quarterly net profit of $24.38 million. In comparison, last year the company earned revenue of $156 million and had a net profit of $28.71 million.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is negative on the stock. Most recently, in March 2018, David Davidar, a Director at GMED sold 70,000 shares for a total of $3,535,000.
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Globus Medical, Inc. is a medical device company, which engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments. The company was founded by David C.
