Scotiabank Comments on Globant’s FY2024 Earnings (NYSE:GLOB)

Globant S.A. (NYSE:GLOB) – Research analysts at Scotiabank cut their FY2024 earnings per share estimates for Globant in a research note issued on Wednesday, January 8th. Scotiabank analyst D. Goyal now anticipates that the information technology services provider will earn $4.93 per share for the year, down from their prior estimate of $5.04. Scotiabank currently has a “Sector Perform” rating and a $220.00 target price on the stock. The consensus estimate for Globant’s current full-year earnings is $5.01 per share. Scotiabank also issued estimates for Globant’s FY2025 earnings at $5.68 EPS.

Several other equities analysts have also recently weighed in on GLOB. TD Cowen increased their price target on Globant from $230.00 to $240.00 and gave the company a “buy” rating in a report on Friday, November 15th. JPMorgan Chase & Co. raised their target price on Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Canaccord Genuity Group restated a “hold” rating and issued a $205.00 price target on shares of Globant in a research report on Monday, November 18th. Susquehanna assumed coverage on shares of Globant in a research report on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price target for the company. Finally, Citigroup increased their price target on Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $230.44.

Globant Stock Performance

GLOB stock opened at $207.48 on Monday. The stock has a market capitalization of $8.94 billion, a PE ratio of 54.17, a price-to-earnings-growth ratio of 2.67 and a beta of 1.38. Globant has a 12-month low of $151.68 and a 12-month high of $251.50. The stock’s 50 day simple moving average is $221.08 and its 200 day simple moving average is $206.07.

Institutional Investors Weigh In On Globant

Several hedge funds and other institutional investors have recently modified their holdings of the business. Harbour Capital Advisors LLC increased its stake in shares of Globant by 36.8% during the fourth quarter. Harbour Capital Advisors LLC now owns 1,822 shares of the information technology services provider’s stock valued at $400,000 after buying an additional 490 shares during the period. Diversified Trust Co purchased a new position in Globant during the 4th quarter valued at about $545,000. GAMMA Investing LLC lifted its position in shares of Globant by 21.9% in the 4th quarter. GAMMA Investing LLC now owns 967 shares of the information technology services provider’s stock worth $207,000 after purchasing an additional 174 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Globant by 6.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,368,608 shares of the information technology services provider’s stock worth $469,316,000 after purchasing an additional 153,385 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Globant by 121.3% during the third quarter. Principal Financial Group Inc. now owns 30,351 shares of the information technology services provider’s stock valued at $6,014,000 after purchasing an additional 16,639 shares in the last quarter. 91.60% of the stock is currently 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.