Globant (NYSE:GLOB) Rating Increased to Hold at StockNews.com

Globant (NYSE:GLOB) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Friday.

GLOB has been the topic of a number of other research reports. Needham & Company LLC lifted their price objective on Globant from $200.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, August 16th. Jefferies Financial Group upped their price target on shares of Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, September 9th. JPMorgan Chase & Co. lifted their price objective on shares of Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. UBS Group restated a “neutral” rating and issued a $235.00 target price (up from $225.00) on shares of Globant in a report on Tuesday, August 20th. Finally, KeyCorp increased their price target on shares of Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $226.21.

Globant Stock Performance

Shares of Globant stock traded down $2.65 on Friday, hitting $231.36. 455,795 shares of the company traded hands, compared to its average volume of 478,711. Globant has a 52 week low of $151.68 and a 52 week high of $251.50. The business has a 50-day simple moving average of $206.06 and a 200 day simple moving average of $189.41. The stock has a market capitalization of $9.97 billion, a P/E ratio of 60.41, a price-to-earnings-growth ratio of 2.60 and a beta of 1.39.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, topping the consensus estimate of $1.50 by $0.01. The business had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. Globant had a net margin of 7.39% and a return on equity of 11.68%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.04 EPS. Research analysts expect that Globant will post 5.06 earnings per share for the current year.

Hedge Funds Weigh In On Globant

Institutional investors have recently modified their holdings of the stock. Investidor Profissional Gestao de Recursos Ltda. grew its stake in Globant by 109.8% in the third quarter. Investidor Profissional Gestao de Recursos Ltda. now owns 39,595 shares of the information technology services provider’s stock worth $7,845,000 after purchasing an additional 20,725 shares in the last quarter. TrinityPoint Wealth LLC purchased a new position in shares of Globant during the third quarter valued at $208,000. Natixis Advisors LLC raised its holdings in shares of Globant by 30.4% in the third quarter. Natixis Advisors LLC now owns 13,468 shares of the information technology services provider’s stock valued at $2,669,000 after acquiring an additional 3,142 shares in the last quarter. Impax Asset Management Group plc lifted its stake in Globant by 26.1% in the third quarter. Impax Asset Management Group plc now owns 8,269 shares of the information technology services provider’s stock worth $1,638,000 after acquiring an additional 1,711 shares during the period. Finally, Zions Bancorporation N.A. grew its holdings in Globant by 18.0% during the 3rd quarter. Zions Bancorporation N.A. now owns 6,334 shares of the information technology services provider’s stock worth $1,255,000 after acquiring an additional 965 shares in the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

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.