Needham analyst Michael Matson reiterated a Buy rating on Globus Medical (NYSE: GMED) today and set a price target of $58. The company’s shares closed yesterday at $49.65, close to its 52-week high of $52.56.
Matson said:
“GMED’s 1Q18 revenue and EPS beat consensus and management raised its 2018 revenue and EPS guidance. The guidance increases were smaller than the 1Q18 upside but we think management is just being conservative. GMED’s Spine Products business grew by 4% and its Emerging Technology Products contributed $13M resulting in overall revenue growth of 11% CC. Gross margin was up 110 bps Y/Y and operating margin was up 50 bps Y/Y. We believe GMED’s Emerging Technologies segment, new products, and conservative guidance should enable it to continue to deliver upside and we reiterate our Buy rating.”
According to TipRanks.com, Matson is a 5-star analyst with an average return of 8.6% and a 59.1% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.
Globus Medical has an analyst consensus of Moderate Buy, with a price target consensus of $54.50.
See today’s analyst top recommended stocks >>
The company has a one-year high of $52.56 and a one-year low of $27.79. Currently, Globus Medical has an average volume of 686K.
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.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
