Globant (NYSE:GLOB) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Globant (NYSE:GLOB) had its price target raised by equities researchers at Needham & Company LLC from $245.00 to $265.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 30.36% from the company’s current price.

Several other equities analysts have also commented on GLOB. Scotiabank increased their price objective on shares of Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 21st. Citigroup increased their price target on shares of Globant from $240.00 to $251.00 and gave the company a “buy” rating in a report on Monday, October 28th. StockNews.com raised Globant from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Jefferies Financial Group upped their price objective on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research report on Monday, September 9th. Finally, Deutsche Bank Aktiengesellschaft started coverage on Globant in a report on Thursday, August 22nd. They issued a “hold” rating and a $210.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $228.50.

Globant Trading Down 11.1 %

NYSE:GLOB opened at $203.29 on Friday. The business’s 50-day moving average is $208.98 and its 200 day moving average is $191.01. Globant has a 12 month low of $151.68 and a 12 month high of $251.50. The company has a market capitalization of $8.76 billion, a P/E ratio of 53.04, a P/E/G ratio of 2.91 and a beta of 1.39.

Globant (NYSE:GLOB) last issued its quarterly earnings data 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. Globant had a return on equity of 11.68% and a net margin of 7.39%. The business had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. During the same period in the prior year, the firm earned $1.04 EPS. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, research analysts forecast that Globant will post 5.06 earnings per share for the current year.

Institutional Trading of Globant

A number of large investors have recently modified their holdings of the company. Wasatch Advisors LP raised its position in Globant by 2.6% during the 3rd quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock valued at $689,553,000 after purchasing an additional 88,829 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Globant by 1,817.5% in the third quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after acquiring an additional 1,431,112 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in Globant in the second quarter worth about $99,396,000. Sei Investments Co. grew its holdings in Globant by 43.4% during the 2nd quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after acquiring an additional 155,112 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Globant by 57.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock worth $78,851,000 after acquiring an additional 161,512 shares in the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.