JPMorgan Chase & Co. Increases Globant (NYSE:GLOB) Price Target to $237.00

Globant (NYSE:GLOB) had its price objective lifted by analysts at JPMorgan Chase & Co. from $226.00 to $237.00 in a research report issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 20.83% from the company’s previous close.

A number of other research analysts have also recently weighed in on GLOB. Needham & Company LLC lifted 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. The Goldman Sachs Group initiated coverage on shares of Globant in a report on Monday, June 24th. They issued a “buy” rating and a $200.00 price objective for the company. UBS Group reaffirmed a “neutral” rating and issued a $235.00 price objective (up previously from $225.00) on shares of Globant in a report on Tuesday, August 20th. KeyCorp lifted their price objective on shares of Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, August 16th. Finally, Redburn Atlantic began coverage on shares of Globant in a research note on Friday, May 24th. They set a “sell” rating and a $135.00 target price for the company. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $222.00.

Globant Stock Performance

NYSE GLOB traded down $3.27 on Friday, reaching $196.14. 154,915 shares of the company’s stock traded hands, compared to its average volume of 494,824. The firm has a market cap of $8.45 billion, a price-to-earnings ratio of 51.48, a P/E/G ratio of 2.51 and a beta of 1.41. The stock has a 50 day moving average price of $191.97 and a 200-day moving average price of $189.28. Globant has a fifty-two week low of $151.68 and a fifty-two week high of $251.50.

Globant (NYSE:GLOB) last released its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, beating 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 company had revenue of $587.46 million during the quarter, compared to analysts’ expectations of $586.72 million. During the same quarter in the previous year, the company earned $1.04 earnings per share. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. As a group, equities research analysts anticipate that Globant will post 5.01 EPS for the current fiscal year.

Hedge Funds Weigh In On Globant

Several large investors have recently made changes to their positions in the stock. Natixis Advisors L.P. purchased a new stake in Globant during the 4th quarter worth approximately $3,682,000. Amalgamated Bank increased its position in shares of Globant by 2.7% in the 4th quarter. Amalgamated Bank now owns 9,022 shares of the information technology services provider’s stock valued at $2,147,000 after purchasing an additional 235 shares during the last quarter. Private Advisor Group LLC purchased a new stake in shares of Globant in the 4th quarter valued at approximately $306,000. Charles Schwab Investment Management Inc. increased its position in shares of Globant by 6.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,970 shares of the information technology services provider’s stock valued at $9,988,000 after purchasing an additional 2,470 shares during the last quarter. Finally, Wrapmanager Inc. purchased a new stake in shares of Globant in the 4th quarter valued at approximately $245,000. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.