Globant (NYSE:GLOB) Receives Overweight Rating from Piper Sandler

Piper Sandler reissued their overweight rating on shares of Globant (NYSE:GLOB) in a report published on Tuesday, Benzinga reports. Piper Sandler currently has a $238.00 price target on the information technology services provider’s stock.

Several other brokerages also recently weighed in on GLOB. HSBC dropped their target price on shares of Globant from $275.00 to $270.00 and set a buy rating for the company in a report on Wednesday, April 3rd. The Goldman Sachs Group started coverage on shares of Globant in a report on Monday, June 24th. They issued a buy rating and a $200.00 target price for the company. Canaccord Genuity Group dropped their price objective on shares of Globant from $230.00 to $175.00 and set a hold rating for the company in a report on Friday, May 17th. TD Cowen dropped their price objective on shares of Globant from $235.00 to $220.00 and set a buy rating for the company in a report on Friday, May 17th. Finally, StockNews.com raised shares of Globant from a sell rating to a hold rating in a report on Tuesday, May 21st. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $216.72.

Globant Stock Performance

Shares of GLOB traded up $1.31 on Tuesday, hitting $191.31. 274,846 shares of the stock traded hands, compared to its average volume of 514,397. Globant has a one year low of $151.68 and a one year high of $251.50. The company has a market capitalization of $8.24 billion, a PE ratio of 50.57, a P/E/G ratio of 2.01 and a beta of 1.41. The business has a 50 day simple moving average of $172.40 and a 200 day simple moving average of $197.62.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, May 16th. The information technology services provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.01. The business had revenue of $571.08 million for the quarter, compared to analysts’ expectations of $570.72 million. Globant had a net margin of 7.62% and a return on equity of 11.60%. On average, equities analysts expect that Globant will post 5 earnings per share for the current year.

Institutional Trading of Globant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLOB. SG Americas Securities LLC raised its position in Globant by 85.4% in the 4th quarter. SG Americas Securities LLC now owns 7,847 shares of the information technology services provider’s stock worth $1,867,000 after purchasing an additional 3,614 shares during the period. Trust Point Inc. purchased a new position in shares of Globant during the fourth quarter worth approximately $1,741,000. International Assets Investment Management LLC purchased a new position in shares of Globant during the fourth quarter worth approximately $4,587,000. DekaBank Deutsche Girozentrale increased its position in shares of Globant by 146.4% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 45,190 shares of the information technology services provider’s stock worth $10,734,000 after acquiring an additional 26,850 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Globant by 11.1% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,405 shares of the information technology services provider’s stock worth $5,570,000 after acquiring an additional 2,331 shares during the period. 91.60% of the stock is owned by hedge funds and other institutional investors.

Globant Company Profile

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.