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

Globant S.A. (NYSE:GLOB) has received an average recommendation of “Moderate Buy” from the twenty-one ratings firms that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $222.90.

A number of analysts have issued reports on the stock. Scotiabank boosted their price target on shares of Globant from $200.00 to $210.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 21st. JPMorgan Chase & Co. upped their target price on shares of Globant from $226.00 to $237.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Canaccord Genuity Group raised their price target on shares of Globant from $175.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price objective (up previously from $238.00) on shares of Globant in a research report on Friday, August 16th. Finally, Citigroup lifted their target price on Globant from $215.00 to $220.00 and gave the company a “buy” rating in a report on Friday, July 12th.

Globant Stock Performance

Shares of GLOB stock opened at $189.06 on Monday. The firm has a market cap of $8.15 billion, a P/E ratio of 49.62, a P/E/G ratio of 2.49 and a beta of 1.40. The firm’s 50 day moving average price is $195.34 and its 200-day moving average price is $187.12. Globant has a one year low of $151.68 and a one year high of $251.50.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, topping 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 company had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. During the same period in the prior year, the firm earned $1.04 earnings per share. The firm’s revenue was up 18.1% compared to the same quarter last year. As a group, research analysts predict that Globant will post 5.01 EPS for the current fiscal year.

Institutional Trading of Globant

Several institutional investors and hedge funds have recently made changes to their positions in the company. Wasatch Advisors LP lifted its stake 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 valued at $673,693,000 after buying an additional 213,049 shares during the last quarter. Capital International Investors raised its position in Globant by 0.5% in the 4th quarter. Capital International Investors now owns 1,323,859 shares of the information technology services provider’s stock valued at $315,052,000 after purchasing an additional 6,707 shares during the last quarter. Manning & Napier Advisors LLC acquired a new stake in Globant during the 2nd quarter worth $99,396,000. Sei Investments Co. boosted its stake in Globant by 43.4% during the 2nd quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after purchasing an additional 155,112 shares during the period. Finally, Norges Bank purchased a new position in Globant during the 4th quarter worth $114,922,000. 91.60% of the stock is owned by hedge funds and other institutional investors.

About Globant

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.