Globant S.A. (NYSE:GLOB) Given Average Rating of “Hold” by Analysts

Shares of Globant S.A. (NYSE:GLOB) have earned an average rating of “Hold” from the seventeen brokerages that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and six have issued a buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $52.75.

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company lowered their price objective on Globant from $50.00 to $42.00 and set an “equal weight” rating for the company in a research note on Friday, July 10th. Citigroup cut their target price on Globant from $42.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday. Needham & Company LLC decreased their price target on Globant from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, May 15th. William Blair downgraded Globant from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 30th. Finally, TD Cowen dropped their target price on Globant from $59.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, July 9th.

Globant Trading Up 8.9%

Shares of GLOB opened at $38.24 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.82 and a quick ratio of 1.82. Globant has a 1 year low of $27.56 and a 1 year high of $93.19. The company has a 50 day simple moving average of $34.32 and a two-hundred day simple moving average of $44.64. The firm has a market cap of $1.68 billion, a P/E ratio of 15.54, a price-to-earnings-growth ratio of 1.32 and a beta of 1.06.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Friday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.50. Globant had a return on equity of 9.87% and a net margin of 4.46%.The firm had revenue of $607.09 million during the quarter, compared to analyst estimates of $601.65 million. During the same quarter last year, the business posted $1.50 earnings per share. The business’s quarterly revenue was down .7% compared to the same quarter last year. On average, equities analysts expect that Globant will post 4.9 earnings per share for the current fiscal year.

Globant declared that its Board of Directors has approved a share buyback program on Monday, May 18th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase up to 2.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its stock is undervalued.

Institutional Trading of Globant

Several institutional investors and hedge funds have recently made changes to their positions in the company. Pzena Investment Management LLC bought a new position in shares of Globant in the 1st quarter worth $136,893,000. Alliancebernstein L.P. boosted its position in Globant by 6,875.8% during the second quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock valued at $84,413,000 after purchasing an additional 915,924 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Globant by 601.5% during the third quarter. BNP Paribas Financial Markets now owns 783,930 shares of the information technology services provider’s stock valued at $44,982,000 after purchasing an additional 672,175 shares in the last quarter. Principal Financial Group Inc. grew its stake in Globant by 340.3% in the fourth quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock valued at $53,323,000 after purchasing an additional 630,440 shares during the last quarter. Finally, Two Sigma Investments LP grew its stake in Globant by 493.8% in the third quarter. Two Sigma Investments LP now owns 660,296 shares of the information technology services provider’s stock valued at $37,888,000 after purchasing an additional 549,089 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors.

About Globant

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.