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

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

Other equities analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globant in a research note on Thursday, August 22nd. They set a “hold” rating and a $210.00 target price for the company. Needham & Company LLC boosted their price target on shares of Globant from $200.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, August 16th. Canaccord Genuity Group boosted their price target on shares of Globant from $175.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. KeyCorp boosted their price objective on shares of Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, August 16th. Finally, UBS Group reaffirmed a “neutral” rating and set a $235.00 price objective (up previously from $225.00) on shares of Globant in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $224.00.

Globant Price Performance

NYSE:GLOB traded down $1.59 on Wednesday, hitting $217.28. 228,467 shares of the company’s stock were exchanged, compared to its average volume of 484,841. The firm has a 50-day moving average price of $201.99 and a 200-day moving average price of $187.00. Globant has a 52 week low of $151.68 and a 52 week high of $251.50. The company has a market cap of $9.36 billion, a P/E ratio of 57.03, a price-to-earnings-growth ratio of 2.61 and a beta of 1.39.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.01. The business had revenue of $587.46 million for 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 firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the business posted $1.04 EPS. On average, research analysts expect that Globant will post 5.02 earnings per share for the current fiscal year.

Institutional Trading of Globant

Several institutional investors and hedge funds have recently made changes to their positions in GLOB. Quarry LP grew its stake in shares of Globant by 529.6% during the second quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 143 shares during the last quarter. Ridgewood Investments LLC acquired a new stake in shares of Globant during the 2nd quarter worth approximately $31,000. BOKF NA grew its stake in shares of Globant by 15,800.0% during the 1st quarter. BOKF NA now owns 159 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 158 shares during the period. ORG Partners LLC lifted its position in shares of Globant by 65.5% during the 3rd 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 in the last quarter. Finally, American National Bank & Trust lifted its position in shares of Globant by 430.2% during the 3rd quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock valued at $45,000 after buying an additional 185 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

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.