JPMorgan Chase & Co. Raises Globant (NYSE:GLOB) Price Target to $237.00

Globant (NYSE:GLOB) had its price target lifted by JPMorgan Chase & Co. from $226.00 to $237.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an overweight rating on the information technology services provider’s stock.

Other analysts have also recently issued research reports about the company. Scotiabank lifted their price objective on Globant from $200.00 to $210.00 and gave the stock a sector perform rating in a research report on Wednesday, August 21st. Mizuho lowered their price target on shares of Globant from $279.00 to $252.00 and set a buy rating for the company in a report on Wednesday, May 22nd. UBS Group reissued a neutral rating and set a $235.00 price objective (up previously from $225.00) on shares of Globant in a research note on Tuesday, August 20th. The Goldman Sachs Group assumed coverage on Globant in a report on Monday, June 24th. They issued a buy rating and a $200.00 price target for the company. Finally, Needham & Company LLC raised their price objective on Globant from $200.00 to $245.00 and gave the stock a buy rating in a report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Moderate Buy and a consensus target price of $222.90.

Globant Price Performance

GLOB stock opened at $197.07 on Friday. The company’s 50 day simple moving average is $192.72 and its 200-day simple moving average is $188.41. Globant has a 12 month low of $151.68 and a 12 month high of $251.50. The firm has a market capitalization of $8.49 billion, a PE ratio of 51.72, a P/E/G ratio of 2.42 and a beta of 1.40.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. Globant had a return on equity of 11.68% and a net margin of 7.39%. The firm had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. During the same quarter in the prior year, the firm earned $1.04 EPS. Globant’s quarterly revenue was up 18.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Globant will post 5.01 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC acquired a new stake in Globant in the second quarter valued at approximately $474,000. Clearbridge Investments LLC lifted its position in shares of Globant by 28.4% during the second quarter. Clearbridge Investments LLC now owns 339,790 shares of the information technology services provider’s stock worth $60,571,000 after purchasing an additional 75,192 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Globant by 5.9% in the second quarter. Cetera Investment Advisers now owns 21,327 shares of the information technology services provider’s stock valued at $3,802,000 after purchasing an additional 1,187 shares during the period. Quarry LP grew its holdings in Globant by 529.6% during the 2nd quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 143 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Globant by 89.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock worth $47,450,000 after buying an additional 126,030 shares during the period. 91.60% of the stock is owned by hedge funds and other institutional investors.

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.