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

Needham & Company LLC reissued their buy rating on shares of Globant (NYSE:GLOB) in a report issued on Friday,Benzinga reports. The brokerage currently has a $265.00 price objective on the information technology services provider’s stock.

A number of other equities analysts have also recently weighed in on GLOB. Susquehanna started coverage on shares of Globant in a research report on Tuesday, December 17th. They set a “positive” rating and a $255.00 price target on the stock. TD Cowen raised their price target on shares of Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Scotiabank raised their price objective on Globant from $210.00 to $220.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. boosted their target price on shares of Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Globant has an average rating of “Moderate Buy” and an average price target of $231.28.

Globant Stock Performance

GLOB opened at $203.68 on Friday. Globant has a 52 week low of $151.68 and a 52 week high of $251.50. The firm has a market capitalization of $8.78 billion, a PE ratio of 53.18, a P/E/G ratio of 2.26 and a beta of 1.38. The company has a fifty day moving average price of $218.30 and a two-hundred day moving average price of $207.97.

Institutional Investors Weigh In On Globant

A number of institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its stake 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 valued at $299,162,000 after purchasing an additional 1,431,112 shares during the period. Dimensional Fund Advisors LP boosted its position 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 buying an additional 161,512 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Globant by 6.9% in the third quarter. JPMorgan Chase & Co. now owns 2,368,608 shares of the information technology services provider’s stock worth $469,316,000 after acquiring an additional 153,385 shares during the period. abrdn plc grew its position in Globant by 36.7% in the 4th quarter. abrdn plc now owns 470,150 shares of the information technology services provider’s stock worth $101,564,000 after purchasing an additional 126,333 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in Globant by 89.9% during the second quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock valued at $47,450,000 after acquiring an additional 126,030 shares during the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.