StockNews.com Begins Coverage on Globant (NYSE:GLOB)

StockNews.com initiated coverage on shares of Globant (NYSE:GLOB – Get Rating) in a research note released on Thursday. The brokerage issued a hold rating on the information technology services provider’s stock.

Several other brokerages have also issued reports on GLOB. HSBC began coverage on shares of Globant in a research report on Thursday, February 2nd. They set a buy rating and a $240.00 target price for the company. Cowen dropped their price target on shares of Globant from $210.00 to $207.00 and set an outperform rating for the company in a research report on Friday, November 18th. Citigroup lowered their target price on shares of Globant from $270.00 to $225.00 and set a buy rating on the stock in a report on Monday, November 21st. Cowen lowered their target price on shares of Globant from $207.00 to $192.00 in a report on Friday, February 17th. Finally, KeyCorp lowered their target price on shares of Globant from $291.00 to $232.00 and set an overweight rating on the stock in a report on Friday, November 18th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Moderate Buy and an average price target of $230.11.

Globant Stock Performance

Shares of Globant stock opened at $148.50 on Thursday. The stock has a market capitalization of $6.30 billion, a PE ratio of 42.67 and a beta of 1.43. Globant has a 52-week low of $144.71 and a 52-week high of $282.13. The company has a 50-day simple moving average of $165.14 and a two-hundred day simple moving average of $177.14.

Globant (NYSE:GLOB – Get Rating) last issued its earnings results on Thursday, February 16th. The information technology services provider reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.02). Globant had a return on equity of 12.09% and a net margin of 8.36%. The firm had revenue of $490.72 million during the quarter, compared to analysts’ expectations of $489.67 million. As a group, equities research analysts forecast that Globant will post 4.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLOB. Utah Retirement Systems lifted its position in shares of Globant by 1.4% during the third quarter. Utah Retirement Systems now owns 7,300 shares of the information technology services provider’s stock valued at $1,366,000 after buying an additional 100 shares during the last quarter. Ossiam grew its stake in shares of Globant by 792.8% during the 2nd quarter. Ossiam now owns 7,946 shares of the information technology services provider’s stock worth $1,383,000 after purchasing an additional 7,056 shares during the period. HMS Capital Management LLC grew its stake in shares of Globant by 7.0% during the 3rd quarter. HMS Capital Management LLC now owns 1,514 shares of the information technology services provider’s stock worth $283,000 after purchasing an additional 99 shares during the period. Duality Advisers LP grew its stake in Globant by 34.6% in the 3rd quarter. Duality Advisers LP now owns 4,646 shares of the information technology services provider’s stock valued at $869,000 after acquiring an additional 1,195 shares during the period. Finally, Atria Investments LLC boosted its stake in Globant by 3.4% during the 2nd quarter. Atria Investments LLC now owns 7,638 shares of the information technology services provider’s stock worth $1,329,000 after purchasing an additional 252 shares during the last quarter. 93.01% of the stock is currently owned by institutional investors.

Globant Company Profile

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Globant SA engages in the provision of information technology services. It includes application development, testing, infrastructure management, and application maintenance. The company was founded by Martín Migoya, Martín Gonzalo Umaran, Guibert Andrés Englebienne, and Néstor Augusto Nocetti in 2003 and is headquartered in Luxembourg.