StockNews.com Upgrades Globant (NYSE:GLOB) to “Hold”

Globant (NYSE:GLOB) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.

GLOB has been the subject of several other research reports. Piper Sandler reissued an “overweight” rating and set a $240.00 price target (up previously from $238.00) on shares of Globant in a report on Friday, August 16th. UBS Group reiterated a “neutral” rating and set a $235.00 price objective (up from $225.00) on shares of Globant in a research note on Tuesday, August 20th. Jefferies Financial Group raised their target price on shares of Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globant in a research report on Thursday, August 22nd. They issued a “hold” rating and a $210.00 price target for the company. Finally, KeyCorp increased their price objective on shares of Globant from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, August 16th. One analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $224.00.

Globant Price Performance

Shares of NYSE:GLOB opened at $218.93 on Wednesday. Globant has a 1 year low of $151.68 and a 1 year high of $251.50. The company has a market cap of $9.43 billion, a P/E ratio of 57.49, a PEG ratio of 2.61 and a beta of 1.39. The stock’s fifty day moving average price is $201.99 and its 200-day moving average price is $187.00.

Globant (NYSE:GLOB) last announced its earnings results 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. The business had revenue of $587.46 million during the quarter, compared to analyst estimates of $586.72 million. Globant had a net margin of 7.39% and a return on equity of 11.68%. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.04 EPS. On average, sell-side analysts anticipate that Globant will post 5.02 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Parcion Private Wealth LLC purchased a new position in shares of Globant in the 3rd quarter valued at $214,000. International Assets Investment Management LLC purchased a new position in shares of Globant during the third quarter worth about $36,510,000. Signaturefd LLC increased its position in shares of Globant by 46.0% during the third quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock worth $58,000 after purchasing an additional 92 shares in the last quarter. Raymond James & Associates increased its position in shares of Globant by 27.4% during the third quarter. Raymond James & Associates now owns 79,234 shares of the information technology services provider’s stock worth $15,699,000 after purchasing an additional 17,035 shares in the last quarter. Finally, nVerses Capital LLC purchased a new stake in shares of Globant in the 3rd quarter valued at about $575,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.