Globant (NYSE:GLOB) Shares Up 6% – Should You Buy?

Shares of Globant S.A. (NYSE:GLOB) rose 6% during trading on Thursday . The company traded as high as $229.81 and last traded at $229.09. Approximately 33,013 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 479,740 shares. The stock had previously closed at $216.09.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on 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. Scotiabank increased their price objective on shares of Globant from $210.00 to $220.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. Piper Sandler lowered their target price on shares of Globant from $240.00 to $237.00 and set an “overweight” rating for the company in a report on Friday, November 15th. Needham & Company LLC upped their target price on shares of Globant from $245.00 to $265.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Canaccord Genuity Group restated a “hold” rating and issued a $205.00 price target on shares of Globant in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $230.44.

Globant Stock Up 3.0 %

The firm has a market cap of $9.59 billion, a price-to-earnings ratio of 58.10, a PEG ratio of 2.72 and a beta of 1.37. The company’s fifty day moving average is $220.73 and its 200 day moving average is $198.87.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GLOB. Wasatch Advisors LP lifted its stake in Globant by 2.6% in the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock valued at $689,553,000 after acquiring an additional 88,829 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Globant by 1,817.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after purchasing an additional 1,431,112 shares during the last quarter. Sei Investments Co. grew its holdings in Globant by 43.4% during the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after purchasing an additional 155,112 shares during the period. Dimensional Fund Advisors LP grew its holdings in Globant by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock worth $78,851,000 after purchasing an additional 161,512 shares during the period. Finally, Clearbridge Investments LLC increased its position in Globant by 28.4% during the second quarter. Clearbridge Investments LLC now owns 339,790 shares of the information technology services provider’s stock worth $60,571,000 after buying an additional 75,192 shares during 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.