Globant (NYSE:GLOB) Shares Up 5.7% – Here’s What Happened

Shares of Globant S.A. (NYSE:GLOB) shot up 5.7% during mid-day trading on Tuesday . The company traded as high as $204.74 and last traded at $204.74. 175,005 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 481,223 shares. The stock had previously closed at $193.78.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GLOB. The Goldman Sachs Group assumed coverage on Globant in a research report on Monday, June 24th. They issued a “buy” rating and a $200.00 price target for the company. TD Cowen increased their price objective on Globant from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. StockNews.com lowered Globant from a “hold” rating to a “sell” rating in a research report on Tuesday, August 27th. Deutsche Bank Aktiengesellschaft assumed coverage on Globant in a research report on Thursday, August 22nd. They issued a “hold” rating and a $210.00 price objective for the company. Finally, UBS Group reiterated a “neutral” rating and issued a $235.00 price objective (up from $225.00) on shares of Globant in a research report on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $222.90.

Globant Price Performance

The firm has a market capitalization of $9.08 billion, a price-to-earnings ratio of 55.26, a PEG ratio of 2.38 and a beta of 1.39. The firm has a 50 day moving average price of $195.57 and a 200-day moving average price of $185.65.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, beating 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 last year, the firm earned $1.04 earnings per share. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. Equities research analysts predict that Globant S.A. will post 5.02 earnings per share for the current year.

Institutional Trading of Globant

Hedge funds and other institutional investors have recently bought and sold shares of the business. Accent Capital Management LLC acquired a new stake in Globant in the fourth quarter valued at $29,000. Quarry LP grew its holdings 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 purchasing an additional 143 shares during the last quarter. Ridgewood Investments LLC purchased a new position in shares of Globant during the second quarter worth about $31,000. BOKF NA grew its holdings in shares of Globant by 15,800.0% during the first 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 last quarter. Finally, American National Bank & Trust grew its holdings in shares of Globant by 430.2% during the third quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock worth $45,000 after purchasing an additional 185 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.