Scotiabank Forecasts Strong Price Appreciation for Globant (NYSE:GLOB) Stock

Globant (NYSE:GLOB) had its target price raised by Scotiabank from $210.00 to $220.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a sector perform rating on the information technology services provider’s stock.

Other equities research analysts also recently issued reports about the company. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $205.00 price target on shares of Globant in a research report on Monday. Needham & Company LLC raised their price target on Globant from $245.00 to $265.00 and gave the company a “buy” rating in a research report on Friday, November 15th. StockNews.com downgraded Globant from a “hold” rating to a “sell” rating in a research report on Saturday. Jefferies Financial Group raised their price target on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research report on Monday, September 9th. Finally, KeyCorp raised their price target on Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, August 16th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $229.06.

Globant Trading Up 2.2 %

Shares of NYSE:GLOB opened at $208.59 on Tuesday. The stock has a market capitalization of $8.99 billion, a PE ratio of 53.70, a P/E/G ratio of 2.49 and a beta of 1.39. Globant has a 1 year low of $151.68 and a 1 year high of $251.50. The firm has a fifty day moving average price of $209.12 and a 200 day moving average price of $191.36.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Globant by 7.9% during the first quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock worth $22,681,000 after purchasing an additional 8,267 shares during the period. Cetera Investment Advisers increased its holdings in shares of Globant by 1,079.8% during the first quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock worth $4,066,000 after buying an additional 18,433 shares in the last quarter. Creative Planning increased its holdings in shares of Globant by 20.5% during the third quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock worth $409,000 after buying an additional 351 shares in the last quarter. Brown Brothers Harriman & Co. increased its holdings in shares of Globant by 97.4% during the second quarter. Brown Brothers Harriman & Co. now owns 154,538 shares of the information technology services provider’s stock worth $27,548,000 after buying an additional 76,256 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Globant during the second quarter worth approximately $1,319,000. Institutional investors own 91.60% of the company’s stock.

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.