Piper Sandler Reaffirms Overweight Rating for Globant (NYSE:GLOB)

Piper Sandler reissued their overweight rating on shares of Globant (NYSE:GLOB) in a report published on Friday morning, Benzinga reports. Piper Sandler currently has a $240.00 target price on the information technology services provider’s stock, up from their previous target price of $238.00.

GLOB has been the topic of a number of other reports. Wedbush decreased their price objective on Globant from $250.00 to $200.00 and set an outperform rating on the stock in a report on Friday, May 17th. Needham & Company LLC upped their target price on Globant from $200.00 to $245.00 and gave the company a buy rating in a report on Friday. TD Cowen reduced their price target on Globant from $235.00 to $220.00 and set a buy rating on the stock in a research note on Friday, May 17th. Canaccord Genuity Group cut their target price on Globant from $230.00 to $175.00 and set a hold rating on the stock in a research note on Friday, May 17th. Finally, The Goldman Sachs Group initiated coverage on Globant in a research report on Monday, June 24th. They set a buy rating and a $200.00 price objective on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $219.56.

Globant Trading Up 5.1 %

Shares of GLOB opened at $204.24 on Friday. The company has a market cap of $8.80 billion, a PE ratio of 53.61, a price-to-earnings-growth ratio of 1.98 and a beta of 1.41. The stock has a 50-day moving average price of $181.73 and a 200-day moving average price of $192.24. Globant has a 12-month low of $151.68 and a 12-month high of $251.50.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The firm had revenue of $587.46 million during the quarter, compared to the consensus estimate of $586.72 million. Globant had a return on equity of 11.60% and a net margin of 7.62%. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the company posted $1.04 EPS. As a group, analysts predict that Globant will post 5 earnings per share for the current year.

Institutional Investors Weigh In On Globant

A number of institutional investors and hedge funds have recently modified their holdings of GLOB. Accent Capital Management LLC bought a new stake in shares of Globant during the 4th quarter worth approximately $29,000. Quarry LP raised its position in Globant by 529.6% during the 2nd quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 143 shares in the last quarter. Ridgewood Investments LLC bought a new stake in Globant during the 2nd quarter valued at $31,000. BOKF NA raised its position in Globant by 15,800.0% during the 1st quarter. BOKF NA now owns 159 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 158 shares in the last quarter. Finally, RiverPark Advisors LLC bought a new stake in Globant during the 1st quarter valued at $54,000. 91.60% of the stock is owned by 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.