Needham & Company LLC Reaffirms Buy Rating for Globant (NYSE:GLOB)

Globant (NYSE:GLOB)‘s stock had its “buy” rating restated by equities researchers at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports. They currently have a $265.00 target price on the information technology services provider’s stock. Needham & Company LLC’s price target suggests a potential upside of 30.10% from the company’s current price.

Other equities analysts have also issued research reports about the stock. Piper Sandler decreased their price target on shares of Globant from $240.00 to $237.00 and set an “overweight” rating on the stock in a report on Friday, November 15th. Jefferies Financial Group lifted their target price on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Citigroup boosted their price target on Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Monday, October 28th. TD Cowen raised their price objective on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a report on Sunday, November 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $231.28.

Globant Price Performance

Shares of GLOB stock opened at $203.68 on Friday. Globant has a 1-year low of $151.68 and a 1-year high of $251.50. The firm’s 50-day simple moving average is $218.30 and its 200-day simple moving average is $207.76. The firm has a market cap of $8.78 billion, a P/E ratio of 53.18, a PEG ratio of 2.26 and a beta of 1.38.

Institutional Trading of Globant

Several large investors have recently modified their holdings of the business. Quarry LP increased its stake in shares of Globant by 529.6% in the second quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock worth $30,000 after buying an additional 143 shares during the last quarter. ORG Partners LLC increased its position in shares of Globant by 65.5% in the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock worth $38,000 after purchasing an additional 76 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Globant in the 3rd quarter valued at about $40,000. American National Bank & Trust raised its stake in shares of Globant by 430.2% in the 3rd quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock valued at $45,000 after purchasing an additional 185 shares in the last quarter. Finally, Signaturefd LLC lifted its position in shares of Globant by 46.0% during the third quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock worth $58,000 after purchasing an additional 92 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.