JPMorgan Chase & Co. Issues Positive Forecast for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its target price upped by JPMorgan Chase & Co. from $237.00 to $248.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

A number of other research firms have also issued reports on GLOB. Jefferies Financial Group increased their price target on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research report on Monday, September 9th. KeyCorp raised their target price on shares of Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, August 16th. StockNews.com upgraded shares of Globant from a “sell” rating to a “hold” rating in a report on Wednesday, October 23rd. Needham & Company LLC raised 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. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of Globant in a research note on Thursday, August 22nd. They set a “hold” rating and a $210.00 target price for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and a consensus price target of $226.21.

Globant Price Performance

Shares of NYSE:GLOB opened at $213.49 on Wednesday. The firm’s 50-day moving average is $203.61 and its two-hundred day moving average is $187.71. Globant has a 1 year low of $151.68 and a 1 year high of $251.50. The firm has a market capitalization of $9.20 billion, a PE ratio of 56.03, a price-to-earnings-growth ratio of 2.70 and a beta of 1.39.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating the consensus estimate 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 last year, the company posted $1.04 EPS. The firm’s revenue was up 18.1% compared to the same quarter last year. Analysts expect that Globant will post 5.02 EPS for the current fiscal year.

Institutional Trading of Globant

A number of hedge funds have recently added to or reduced their stakes in the stock. Quarry LP raised its stake in shares of Globant by 529.6% during the second quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 143 shares during the last quarter. Ridgewood Investments LLC purchased a new stake in shares of Globant in the second quarter valued at about $31,000. BOKF NA raised its holdings in Globant by 15,800.0% during the first quarter. BOKF NA now owns 159 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 158 shares in the last quarter. ORG Partners LLC boosted its holdings in Globant by 65.5% in the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock valued at $38,000 after purchasing an additional 76 shares in the last quarter. Finally, American National Bank & Trust raised its stake in shares of Globant by 430.2% during the 3rd quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock worth $45,000 after buying an additional 185 shares in the last quarter. 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.