TD Cowen Boosts Globant (NYSE:GLOB) Price Target to $240.00

Globant (NYSE:GLOB) had its price target increased by research analysts at TD Cowen from $230.00 to $240.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. TD Cowen’s price objective would indicate a potential upside of 18.13% from the company’s current price.

Several other analysts have also commented on GLOB. Piper Sandler dropped their price objective on Globant from $240.00 to $237.00 and set an “overweight” rating on the stock in a report on Friday. Needham & Company LLC increased their price objective on shares of Globant from $200.00 to $245.00 and gave the company a “buy” rating in a report on Friday, August 16th. UBS Group reissued a “neutral” rating and set a $235.00 target price (up previously from $225.00) on shares of Globant in a research note on Tuesday, August 20th. KeyCorp raised their price target on shares of Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, August 16th. Finally, Jefferies Financial Group lifted their price objective on Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, September 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $227.39.

Globant Stock Performance

NYSE GLOB traded down $25.62 during trading hours on Friday, reaching $203.17. The stock had a trading volume of 690,627 shares, compared to its average volume of 480,489. Globant has a 52-week low of $151.68 and a 52-week high of $251.50. The stock has a fifty day moving average of $208.82 and a 200 day moving average of $190.87. The stock has a market cap of $8.75 billion, a P/E ratio of 52.95, a price-to-earnings-growth ratio of 2.91 and a beta of 1.39.

Globant (NYSE:GLOB) last issued its quarterly earnings data 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 net margin of 7.39% and a return on equity of 11.68%. The business had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. During the same quarter last year, the company earned $1.04 EPS. The business’s revenue was up 18.1% on a year-over-year basis. On average, equities research analysts forecast that Globant will post 5.06 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. IHT Wealth Management LLC lifted its position in Globant by 66.4% during the 3rd quarter. IHT Wealth Management LLC now owns 5,360 shares of the information technology services provider’s stock worth $1,059,000 after acquiring an additional 2,138 shares during the period. Janus Henderson Group PLC grew its position in Globant by 27.5% in the 3rd quarter. Janus Henderson Group PLC now owns 40,586 shares of the information technology services provider’s stock valued at $8,039,000 after buying an additional 8,743 shares during the last quarter. Centiva Capital LP acquired a new position in Globant in the 3rd quarter valued at $885,000. Benjamin Edwards Inc. lifted its stake in shares of Globant by 229.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 3,169 shares of the information technology services provider’s stock worth $628,000 after acquiring an additional 2,208 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of Globant by 74.5% in the third quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 46,500 shares of the information technology services provider’s stock valued at $9,214,000 after acquiring an additional 19,854 shares in the last quarter. 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.