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

Globant (NYSE:GLOB)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $220.00 price objective on the information technology services provider’s stock. Needham & Company LLC’s target price indicates a potential upside of 63.17% from the company’s current price.

Several other analysts have also commented on GLOB. Canaccord Genuity Group lowered their price objective on shares of Globant from $205.00 to $165.00 and set a “hold” rating for the company in a report on Monday, February 24th. StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. Scotiabank reduced their price target on Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a research note on Monday, February 24th. JPMorgan Chase & Co. lowered their price objective on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Finally, TD Cowen boosted their target price on shares of Globant from $230.00 to $240.00 and gave the company a “buy” rating in a report on Friday, November 15th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and a consensus target price of $221.39.

Globant Stock Up 2.4 %

GLOB stock opened at $134.83 on Wednesday. The stock has a 50-day simple moving average of $196.31 and a two-hundred day simple moving average of $206.72. Globant has a twelve month low of $130.06 and a twelve month high of $238.32. The firm has a market capitalization of $5.94 billion, a PE ratio of 36.24, a PEG ratio of 2.38 and a beta of 1.47.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.39). The business had revenue of $642.48 million for the quarter, compared to analysts’ expectations of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. On average, equities research analysts anticipate that Globant will post 5.73 EPS for the current fiscal year.

Institutional Trading of Globant

Several institutional investors and hedge funds have recently bought and sold shares of GLOB. GQG Partners LLC acquired a new stake in shares of Globant during the 4th quarter worth approximately $84,906,000. Canada Pension Plan Investment Board acquired a new stake in Globant during the fourth quarter valued at $60,913,000. JPMorgan Chase & Co. increased its holdings in Globant by 8.6% in the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after buying an additional 203,472 shares in the last quarter. Capital International Investors raised its position in shares of Globant by 13.1% in the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock worth $364,723,000 after acquiring an additional 197,064 shares during the period. Finally, abrdn plc boosted its stake in shares of Globant by 36.7% during the 4th quarter. abrdn plc now owns 470,150 shares of the information technology services provider’s stock worth $101,564,000 after acquiring an additional 126,333 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.