Scotiabank Increases Globant (NYSE:GLOB) Price Target to $200.00

Globant (NYSE:GLOB) had its price objective hoisted by Scotiabank from $190.00 to $200.00 in a report released on Monday morning, Benzinga reports. Scotiabank currently has a sector perform rating on the information technology services provider’s stock.

Several other analysts have also commented on the stock. Needham & Company LLC reissued a buy rating and set a $200.00 target price on shares of Globant in a research note on Thursday, June 13th. Canaccord Genuity Group cut their price objective on Globant from $230.00 to $175.00 and set a hold rating for the company in a research report on Friday, May 17th. Mizuho decreased their target price on Globant from $279.00 to $252.00 and set a buy rating on the stock in a report on Wednesday, May 22nd. The Goldman Sachs Group started coverage on Globant in a report on Monday, June 24th. They set a buy rating and a $200.00 target price for the company. Finally, Wedbush dropped 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. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Globant currently has an average rating of Moderate Buy and a consensus target price of $217.28.

Globant Price Performance

GLOB opened at $191.93 on Monday. Globant has a 1-year low of $151.68 and a 1-year high of $251.50. The company has a market capitalization of $8.27 billion, a price-to-earnings ratio of 50.38, a price-to-earnings-growth ratio of 2.00 and a beta of 1.41. The business has a 50 day moving average price of $175.29 and a two-hundred day moving average price of $196.36.

Globant (NYSE:GLOB) last announced its 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. Globant had a return on equity of 11.60% and a net margin of 7.62%. The business had revenue of $571.08 million during the quarter, compared to analysts’ expectations of $570.72 million. Equities analysts expect that Globant will post 5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Wasatch Advisors LP lifted its holdings in shares of Globant by 6.8% during the 1st 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 lifted its stake in Globant by 0.5% in the fourth quarter. Capital International Investors now owns 1,323,859 shares of the information technology services provider’s stock valued at $315,052,000 after acquiring an additional 6,707 shares during the last quarter. Jennison Associates LLC grew its position in Globant by 289.5% in the fourth quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider’s stock worth $228,659,000 after acquiring an additional 714,162 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in shares of Globant by 36.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 705,090 shares of the information technology services provider’s stock worth $167,797,000 after purchasing an additional 189,204 shares during the last quarter. Finally, Manning & Napier Advisors LLC bought a new position in shares of Globant during the 2nd quarter valued at $99,396,000. 91.60% of the stock is owned by institutional investors and hedge funds.

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.