Zacks Investment Research upgraded shares of Globant (NYSE:GLOB) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. Zacks Investment Research currently has $103.00 target price on the information technology services provider’s stock.
According to Zacks, “Globant S.A. is a technology services provider. The Company provides engineering, design, and innovation services for clients. Globant offers content management systems; and e-commerce applications. It is also involved in the provision of data management solutions; and quality assurance engagement strategy, mobile testing, test automation, load and performance testing, and game testing services. It provides various software solutions primarily in North America, Europe, Latin America, and internationally. Globant S.A. is based in Luxembourg. “
Other research analysts also recently issued research reports about the stock. Itau BBA Securities raised shares of Globant from a market perform rating to an outperform rating and increased their price target for the company from $74.00 to $113.00 in a report on Friday, June 21st. Citigroup downgraded shares of Globant from a buy rating to a neutral rating and increased their price target for the company from $93.00 to $115.00 in a report on Wednesday, July 17th. Cowen set a $116.00 price objective on shares of Globant and gave the stock a buy rating in a research report on Friday, August 16th. HSBC lowered shares of Globant from a hold rating to a reduce rating and increased their price objective for the stock from $52.00 to $80.00 in a research report on Tuesday, September 10th. Finally, ValuEngine lowered shares of Globant from a strong-buy rating to a buy rating in a research report on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. Globant currently has a consensus rating of Buy and an average target price of $88.45.
Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.41 by ($0.01). Globant had a net margin of 9.09% and a return on equity of 16.39%. The business had revenue of $157.50 million during the quarter, compared to the consensus estimate of $157.50 million. During the same period in the previous year, the business posted $0.40 EPS. The firm’s revenue was up 23.0% on a year-over-year basis. On average, equities analysts predict that Globant will post 1.77 EPS for the current fiscal year.
Institutional investors have recently bought and sold shares of the stock. FTB Advisors Inc. increased its position in shares of Globant by 42.4% during the second quarter. FTB Advisors Inc. now owns 373 shares of the information technology services provider’s stock worth $37,000 after acquiring an additional 111 shares during the period. Harvest Fund Management Co. Ltd purchased a new position in shares of Globant during the second quarter worth approximately $152,000. Winslow Evans & Crocker Inc. increased its position in shares of Globant by 1,182.4% during the second quarter. Winslow Evans & Crocker Inc. now owns 1,898 shares of the information technology services provider’s stock worth $192,000 after acquiring an additional 1,750 shares during the period. KBC Group NV purchased a new position in shares of Globant during the second quarter worth approximately $208,000. Finally, Marshall Wace North America L.P. purchased a new position in shares of Globant during the second quarter worth approximately $213,000. 83.28% of the stock is currently owned by institutional investors.
Globant SA, a technology services company, provides services related to application development, testing, infrastructure management, and application maintenance worldwide. The company offers machine learning, pattern recognition, natural language understanding, future of organizations, customer insight, behavioral change, product innovation, design thinking, product management discovery and delivery, and product coaching services.
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