Globant (NYSE:GLOB) Sees Strong Trading Volume – Still a Buy?

Globant S.A. (NYSE:GLOB) saw an uptick in trading volume on Monday . 540,249 shares were traded during trading, a decline of 19% from the previous session’s volume of 666,107 shares.The stock last traded at $101.93 and had previously closed at $101.47.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GLOB. Redburn Atlantic upgraded shares of Globant from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $140.00 to $150.00 in a report on Tuesday, February 25th. Scotiabank decreased their target price on shares of Globant from $170.00 to $140.00 and set a “sector perform” rating on the stock in a research report on Tuesday, April 29th. The Goldman Sachs Group lowered shares of Globant from a “buy” rating to a “neutral” rating and cut their price target for the company from $225.00 to $120.00 in a research report on Friday, May 16th. StockNews.com raised Globant from a “sell” rating to a “hold” rating in a research note on Monday. Finally, Susquehanna lowered their target price on Globant from $225.00 to $160.00 and set a “positive” rating for the company in a research note on Wednesday, April 23rd. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Globant presently has a consensus rating of “Moderate Buy” and an average target price of $179.19.

Globant Stock Up 0.9%

The firm’s fifty day moving average is $117.70 and its two-hundred day moving average is $175.72. The firm has a market cap of $4.68 billion, a P/E ratio of 28.59, a PEG ratio of 2.38 and a beta of 1.37.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). Globant had a net margin of 6.86% and a return on equity of 11.83%. The company had revenue of $611.09 million for the quarter, compared to the consensus estimate of $622.18 million. During the same period in the previous year, the firm posted $1.53 EPS. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. As a group, sell-side analysts forecast that Globant S.A. will post 5.73 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GLOB. Barclays PLC boosted its position in shares of Globant by 132.9% during the third quarter. Barclays PLC now owns 22,537 shares of the information technology services provider’s stock valued at $4,467,000 after purchasing an additional 12,862 shares in the last quarter. JPMorgan Chase & Co. increased its position in Globant by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,368,608 shares of the information technology services provider’s stock valued at $469,316,000 after buying an additional 153,385 shares in the last quarter. Reliant Investment Management LLC purchased a new position in Globant during the fourth quarter valued at $4,917,000. SG Americas Securities LLC bought a new stake in Globant in the fourth quarter worth $309,000. Finally, Janney Montgomery Scott LLC grew its stake in shares of Globant by 10.7% in the fourth quarter. Janney Montgomery Scott LLC now owns 16,260 shares of the information technology services provider’s stock worth $3,486,000 after acquiring an additional 1,573 shares during the last quarter. Institutional investors 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.