Canaccord Genuity Group Reaffirms “Hold” Rating for Globant (NYSE:GLOB)

Globant (NYSE:GLOB)‘s stock had its “hold” rating restated by investment analysts at Canaccord Genuity Group in a research report issued on Monday,Benzinga reports. They currently have a $205.00 target price on the information technology services provider’s stock. Canaccord Genuity Group’s price objective indicates a potential downside of 1.72% from the company’s current price.

Several other research firms have also recently weighed in on GLOB. StockNews.com cut shares of Globant from a “hold” rating to a “sell” rating in a research report on Saturday. Scotiabank raised 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. Jefferies Financial Group upped their target price on shares of Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, September 9th. TD Cowen raised their price target on Globant from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, KeyCorp upped their price objective on Globant from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Globant has a consensus rating of “Moderate Buy” and a consensus target price of $229.06.

Globant Stock Performance

NYSE:GLOB opened at $208.59 on Monday. Globant has a 52-week low of $151.68 and a 52-week high of $251.50. The stock has a fifty day moving average of $209.12 and a 200 day moving average of $191.36. The firm has a market capitalization of $8.99 billion, a price-to-earnings ratio of 53.70, a P/E/G ratio of 2.49 and a beta of 1.39.

Hedge Funds Weigh In On Globant

A number of hedge funds have recently modified their holdings of GLOB. Wasatch Advisors LP grew its stake in shares of Globant by 2.6% in the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock worth $689,553,000 after purchasing an additional 88,829 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Globant by 1,817.5% in the 3rd 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 last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Globant in the 2nd quarter worth approximately $99,396,000. Sei Investments Co. increased its stake in shares of Globant by 43.4% during the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock valued at $91,432,000 after buying an additional 155,112 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of 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 valued at $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.