Globant S.A. (NYSE:GLOB) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Globant S.A. (NYSE:GLOB) have been assigned a consensus rating of “Moderate Buy” from the eighteen research firms that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $217.94.

GLOB has been the subject of several analyst reports. Redburn Atlantic initiated coverage on Globant in a research note on Friday, May 24th. They issued a “sell” rating and a $135.00 price objective for the company. Piper Sandler reissued an “overweight” rating and issued a $238.00 price objective (down from $290.00) on shares of Globant in a research note on Friday, May 17th. Mizuho lowered their price objective on Globant from $279.00 to $252.00 and set a “buy” rating for the company in a research note on Wednesday, May 22nd. JPMorgan Chase & Co. lowered their price objective on Globant from $273.00 to $257.00 and set an “overweight” rating for the company in a research note on Thursday, May 2nd. Finally, Guggenheim initiated coverage on Globant in a research note on Tuesday, March 19th. They issued a “buy” rating and a $250.00 price objective for the company.

Institutional Trading of Globant

A number of large investors have recently bought and sold shares of the company. Wasatch Advisors LP increased its position in Globant by 6.8% in the first quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock worth $673,693,000 after buying an additional 213,049 shares during the last quarter. JPMorgan Chase & Co. increased its position in Globant by 3.2% in the third quarter. JPMorgan Chase & Co. now owns 1,614,782 shares of the information technology services provider’s stock worth $319,485,000 after buying an additional 49,812 shares during the last quarter. Capital International Investors increased its position in Globant by 0.5% in the fourth quarter. Capital International Investors now owns 1,323,859 shares of the information technology services provider’s stock worth $315,052,000 after buying an additional 6,707 shares during the last quarter. Jennison Associates LLC increased its position in Globant by 289.5% in the fourth quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider’s stock worth $228,659,000 after buying an additional 714,162 shares during the last quarter. Finally, Schroder Investment Management Group increased its position in Globant by 16.2% in the third quarter. Schroder Investment Management Group now owns 734,479 shares of the information technology services provider’s stock worth $145,317,000 after buying an additional 102,184 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Globant Stock Performance

Shares of NYSE:GLOB opened at $159.33 on Friday. The business’s 50 day simple moving average is $174.89 and its two-hundred day simple moving average is $207.56. The firm has a market cap of $6.87 billion, a P/E ratio of 41.82, a PEG ratio of 1.26 and a beta of 1.40. Globant has a 52-week low of $151.68 and a 52-week high of $251.50.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, May 16th. The information technology services provider reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.01. The business had revenue of $571.08 million for the quarter, compared to analyst estimates of $570.72 million. Globant had a return on equity of 11.60% and a net margin of 7.62%. On average, equities analysts forecast that Globant will post 5.02 earnings per share for the current fiscal year.

Globant Company Profile

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.