Globant (NYSE:GLOB) Upgraded at StockNews.com

StockNews.com upgraded shares of Globant (NYSE:GLOB) from a sell rating to a hold rating in a research report sent to investors on Monday.

A number of other brokerages have also recently issued reports on GLOB. The Goldman Sachs Group cut Globant from a “buy” rating to a “neutral” rating and cut their price objective for the company from $225.00 to $120.00 in a report on Friday, May 16th. Piper Sandler lowered Globant from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $154.00 to $116.00 in a research note on Friday, May 16th. Scotiabank lowered their target price on Globant from $170.00 to $140.00 and set a “sector perform” rating for the company in a research note on Tuesday, April 29th. Mizuho lowered their price objective on Globant from $194.00 to $153.00 and set an “outperform” rating for the company in a research report on Monday. Finally, Canaccord Genuity Group lowered their price objective on Globant from $205.00 to $165.00 and set a “hold” rating for the company in a research report on Monday, February 24th. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Globant has a consensus rating of “Moderate Buy” and an average target price of $179.19.

Globant Price Performance

Shares of GLOB stock opened at $102.81 on Monday. The stock has a market cap of $4.53 billion, a P/E ratio of 27.64, a price-to-earnings-growth ratio of 2.38 and a beta of 1.37. Globant has a one year low of $88.03 and a one year high of $238.32. The stock has a fifty day moving average price of $117.06 and a 200 day moving average price of $175.22.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). The company had revenue of $611.09 million for the quarter, compared to the consensus estimate of $622.18 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. The firm’s revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.53 earnings per share. Equities research analysts anticipate that Globant will post 5.73 EPS for the current year.

Hedge Funds Weigh In On Globant

Several institutional investors have recently modified their holdings of GLOB. Invesco Ltd. lifted its holdings in shares of Globant by 764.3% during the 1st quarter. Invesco Ltd. now owns 945,215 shares of the information technology services provider’s stock valued at $111,271,000 after purchasing an additional 835,859 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Globant by 293.5% during the 1st quarter. Royal Bank of Canada now owns 999,955 shares of the information technology services provider’s stock valued at $117,716,000 after purchasing an additional 745,848 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of Globant by 209.0% during the 1st quarter. Westfield Capital Management Co. LP now owns 820,445 shares of the information technology services provider’s stock valued at $96,583,000 after purchasing an additional 554,938 shares in the last quarter. Nuveen LLC bought a new position in shares of Globant during the 1st quarter valued at about $58,163,000. Finally, Manning & Napier Advisors LLC lifted its stake in Globant by 86.3% in the 1st quarter. Manning & Napier Advisors LLC now owns 907,659 shares of the information technology services provider’s stock valued at $106,850,000 after acquiring an additional 420,382 shares in the last quarter. 91.60% of the stock is currently 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.