Globant’s (GLOB) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Globant (NYSE:GLOB) in a report issued on Thursday morning, Benzinga reports. They currently have a $200.00 price objective on the information technology services provider’s stock.

Several other equities analysts have also commented on the company. Wedbush decreased their price target on Globant from $250.00 to $200.00 and set an outperform rating on the stock in a research note on Friday, May 17th. Canaccord Genuity Group lowered their target price on shares of Globant from $230.00 to $175.00 and set a hold rating for the company in a research note on Friday, May 17th. JPMorgan Chase & Co. reduced their price target on shares of Globant from $273.00 to $257.00 and set an overweight rating on the stock in a research note on Thursday, May 2nd. Guggenheim started coverage on shares of Globant in a research report on Tuesday, March 19th. They set a buy rating and a $250.00 price objective for the company. Finally, Mizuho dropped their target price 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. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Globant currently has a consensus rating of Moderate Buy and a consensus target price of $217.94.

Globant Trading Down 1.0 %

Shares of GLOB opened at $159.31 on Thursday. The firm has a 50-day moving average price of $174.89 and a 200 day moving average price of $207.50. Globant has a 12-month low of $151.68 and a 12-month high of $251.50. The firm has a market capitalization of $6.86 billion, a P/E ratio of 41.81, a P/E/G ratio of 1.26 and a beta of 1.40.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, May 16th. The information technology services provider reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.18 by $0.01. The business had revenue of $571.08 million during the quarter, compared to analysts’ expectations of $570.72 million. Globant had a net margin of 7.62% and a return on equity of 11.60%. Equities research analysts predict that Globant will post 5.02 earnings per share for the current fiscal year.

Institutional Trading of Globant

Large investors have recently made changes to their positions in the company. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Globant in the 4th quarter valued at approximately $490,000. Trust Point Inc. purchased a new position in Globant in the fourth quarter valued at $1,741,000. Franklin Resources Inc. raised its stake in Globant by 0.9% in the fourth quarter. Franklin Resources Inc. now owns 12,672 shares of the information technology services provider’s stock valued at $3,016,000 after buying an additional 111 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Globant by 146.4% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 45,190 shares of the information technology services provider’s stock worth $10,734,000 after buying an additional 26,850 shares during the last quarter. Finally, Capital International Investors boosted its position in shares of Globant by 0.5% during the 4th quarter. Capital International Investors now owns 1,323,859 shares of the information technology services provider’s stock worth $315,052,000 after acquiring an additional 6,707 shares in the last quarter. 91.60% of the stock is currently 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.