Globant (NYSE:GLOB) Given New $265.00 Price Target at Needham & Company LLC

Globant (NYSE:GLOB) had its price target hoisted by Needham & Company LLC from $245.00 to $265.00 in a research report report published on Friday,Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

Other research analysts have also recently issued research reports about the stock. Jefferies Financial Group upped their target price on shares of Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research report on Monday, September 9th. Citigroup upped their price objective on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a report on Monday, October 28th. UBS Group reiterated a “neutral” rating and issued a $235.00 target price (up previously from $225.00) on shares of Globant in a report on Tuesday, August 20th. TD Cowen upped their price target on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Piper Sandler dropped their price objective on Globant from $240.00 to $237.00 and set an “overweight” rating for the company in a research note on Friday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $228.50.

Globant Stock Performance

Shares of NYSE GLOB traded down $25.50 during midday trading on Friday, reaching $203.29. 1,348,800 shares of the stock were exchanged, compared to its average volume of 483,667. The stock has a market capitalization of $8.76 billion, a P/E ratio of 53.04, a PEG ratio of 2.91 and a beta of 1.39. The company has a 50 day simple moving average of $208.98 and a 200 day simple moving average of $191.01. Globant has a twelve month low of $151.68 and a twelve month high of $251.50.

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

Institutional Trading of Globant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Equitable Trust Co. grew its stake in Globant by 1.1% during the 3rd quarter. Equitable Trust Co. now owns 4,550 shares of the information technology services provider’s stock worth $902,000 after buying an additional 50 shares during the last quarter. 17 Capital Partners LLC increased its holdings in shares of Globant by 1.6% in the 2nd quarter. 17 Capital Partners LLC now owns 3,455 shares of the information technology services provider’s stock valued at $616,000 after acquiring an additional 55 shares during the period. M&T Bank Corp raised its position in Globant by 3.8% in the 3rd quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock valued at $326,000 after purchasing an additional 60 shares during the last quarter. ORG Partners LLC boosted its stake in Globant by 65.5% during the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock worth $38,000 after purchasing an additional 76 shares during the period. Finally, Signaturefd LLC grew its position in Globant by 46.0% during the 3rd quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock worth $58,000 after purchasing an additional 92 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

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.