Globant (NYSE:GLOB) Price Target Raised to $240.00 at TD Cowen

Globant (NYSE:GLOB) had its price objective upped by TD Cowen from $230.00 to $240.00 in a report issued on Friday morning,Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

A number of other equities analysts also recently commented on the stock. Scotiabank boosted their target price 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. Canaccord Genuity Group boosted their target price on shares of Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Needham & Company LLC boosted their target price on shares of Globant from $200.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, August 16th. StockNews.com upgraded shares of Globant from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Finally, KeyCorp boosted their price target on shares of Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $228.50.

Globant Stock Performance

Shares of NYSE:GLOB traded down $25.50 during trading on Friday, hitting $203.29. The company’s stock had a trading volume of 1,348,800 shares, compared to its average volume of 483,667. The business has a 50 day moving average price of $208.98 and a two-hundred day moving average price of $191.01. The company has a market capitalization of $8.76 billion, a PE ratio of 53.04, a P/E/G ratio of 2.91 and a beta of 1.39. Globant has a fifty-two week low of $151.68 and a fifty-two week high of $251.50.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. The firm had revenue of $587.46 million during the quarter, compared to the consensus estimate of $586.72 million. Globant had a net margin of 7.39% and a return on equity of 11.68%. The company’s revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.04 earnings per share. As a group, equities analysts expect that Globant will post 5.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GLOB. Victory Capital Management Inc. grew its position in Globant by 1,817.5% during the third quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock worth $299,162,000 after buying an additional 1,431,112 shares during the period. Manning & Napier Advisors LLC acquired a new position in Globant during the second quarter worth about $99,396,000. Dimensional Fund Advisors LP grew its position in Globant by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock worth $78,851,000 after buying an additional 161,512 shares during the period. Sei Investments Co. grew its position in Globant by 43.4% during the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after buying an additional 155,112 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in Globant by 89.9% during the second quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock worth $47,450,000 after buying an additional 126,030 shares during the period. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.