JPMorgan Chase & Co. Raises Globant (NYSE:GLOB) Price Target to $226.00

Globant (NYSE:GLOB) had its target price lifted by JPMorgan Chase & Co. from $218.00 to $226.00 in a research report released on Friday morning, Benzinga reports. The firm currently has an overweight rating on the information technology services provider’s stock.

Several other equities analysts have also issued reports on GLOB. Wedbush reduced their price target on Globant from $250.00 to $200.00 and set an outperform rating on the stock in a research report on Friday, May 17th. KeyCorp upped their price objective on shares of Globant from $220.00 to $235.00 and gave the company an overweight rating in a research note on Friday. UBS Group raised Globant from a neutral rating to a buy rating and lowered their price target for the company from $240.00 to $230.00 in a research report on Tuesday, May 28th. TD Cowen reduced their target price on Globant from $235.00 to $220.00 and set a buy rating on the stock in a research note on Friday, May 17th. Finally, Canaccord Genuity Group dropped their price target on Globant from $230.00 to $175.00 and set a hold rating for the company in a research note on Friday, May 17th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, Globant currently has an average rating of Moderate Buy and an average price target of $219.56.

Globant Price Performance

Shares of GLOB opened at $204.24 on Friday. Globant has a 1 year low of $151.68 and a 1 year high of $251.50. The stock has a 50 day simple moving average of $181.73 and a two-hundred day simple moving average of $192.24. The firm has a market cap of $8.80 billion, a P/E ratio of 53.61, a P/E/G ratio of 1.98 and a beta of 1.41.

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 analysts’ consensus estimates of $1.50 by $0.01. The company had revenue of $587.46 million during the quarter, compared to analysts’ expectations of $586.72 million. Globant had a net margin of 7.62% and a return on equity of 11.60%. The firm’s revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.04 EPS. On average, equities analysts anticipate that Globant will post 5 earnings per share for the current year.

Institutional Trading of Globant

Institutional investors have recently bought and sold shares of the company. Jennison Associates LLC lifted its stake in shares of Globant by 289.5% in the fourth quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider’s stock worth $228,659,000 after buying an additional 714,162 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in Globant in the second quarter valued at about $99,396,000. Norges Bank purchased a new position in Globant in the fourth quarter worth about $114,922,000. Wasatch Advisors LP grew its stake in shares of Globant by 6.8% during the 1st quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock valued at $673,693,000 after purchasing an additional 213,049 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of 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 valued at $78,851,000 after purchasing an additional 161,512 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

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.