Globant (NYSE:GLOB) Price Target Raised to $248.00

Globant (NYSE:GLOB) had its price target lifted by JPMorgan Chase & Co. from $237.00 to $248.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have an overweight rating on the information technology services provider’s stock.

GLOB has been the subject of a number of other research reports. Citigroup upped their price objective on shares of Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Monday, October 28th. StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a report on Wednesday, October 23rd. Needham & Company LLC increased their target price on Globant from $200.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft initiated coverage on Globant in a research note on Thursday, August 22nd. They issued a “hold” rating and a $210.00 price target on the stock. Finally, Scotiabank raised their price target on shares of Globant from $200.00 to $210.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 21st. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $226.21.

Globant Stock Up 0.1 %

Shares of Globant stock opened at $210.12 on Wednesday. The business has a fifty day simple moving average of $203.94 and a 200 day simple moving average of $188.01. The stock has a market cap of $9.05 billion, a PE ratio of 54.86, a price-to-earnings-growth ratio of 2.62 and a beta of 1.39. Globant has a 12 month low of $151.68 and a 12 month high of $251.50.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The company had revenue of $587.46 million during the quarter, compared to analysts’ expectations of $586.72 million. Globant had a return on equity of 11.68% and a net margin of 7.39%. Globant’s revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the business posted $1.04 EPS. Analysts expect that Globant will post 5.05 EPS for the current fiscal year.

Institutional Investors Weigh In On Globant

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Equitable Trust Co. increased its position in Globant by 1.1% during the third quarter. Equitable Trust Co. now owns 4,550 shares of the information technology services provider’s stock worth $902,000 after acquiring an additional 50 shares during the period. 17 Capital Partners LLC raised its position in shares of Globant by 1.6% in the second quarter. 17 Capital Partners LLC now owns 3,455 shares of the information technology services provider’s stock valued at $616,000 after buying an additional 55 shares in the last quarter. ORG Partners LLC boosted its stake in shares of Globant by 65.5% in the third quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock valued at $38,000 after buying an additional 76 shares during the period. Signaturefd LLC grew its position in 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 buying an additional 92 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its position in Globant by 6.3% during the second quarter. Parkside Financial Bank & Trust now owns 1,977 shares of the information technology services provider’s stock worth $352,000 after buying an additional 118 shares in the last quarter. Institutional investors and hedge funds 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.