Globant (NYSE:GLOB) Price Target Raised to $248.00

Globant (NYSE:GLOB) had its price target boosted by JPMorgan Chase & Co. from $237.00 to $248.00 in a research report sent to investors on Wednesday, Benzinga reports. They currently have an overweight rating on the information technology services provider’s stock.

Other equities research analysts have also issued research reports about the company. Scotiabank upped their target price on Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 21st. TD Cowen upped their target price on Globant from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Jefferies Financial Group upped their target price on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $240.00 target price (up previously from $238.00) on shares of Globant in a research note on Friday, August 16th. Finally, UBS Group reaffirmed a “neutral” rating and issued a $235.00 target price (up previously from $225.00) on shares of Globant in a research note on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $226.21.

Globant Price Performance

GLOB opened at $210.12 on Wednesday. The stock has a market cap of $9.05 billion, a P/E ratio of 54.86, a P/E/G ratio of 2.58 and a beta of 1.39. The stock’s 50 day simple moving average is $203.94 and its 200 day simple moving average is $188.02. Globant has a 1-year low of $151.68 and a 1-year high of $251.50.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. The business had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. Globant had a return on equity of 11.68% and a net margin of 7.39%. The company’s revenue was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.04 EPS. Research analysts expect that Globant will post 5.05 EPS for the current fiscal year.

Institutional Trading of Globant

Several large investors have recently added to or reduced their stakes in GLOB. Quarry LP increased its holdings in Globant by 529.6% in the 2nd quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 143 shares in the last quarter. Ridgewood Investments LLC acquired a new stake in Globant in the 2nd quarter valued at $31,000. BOKF NA increased its holdings in Globant by 15,800.0% in the 1st quarter. BOKF NA now owns 159 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 158 shares in the last quarter. ORG Partners LLC increased its holdings in Globant by 65.5% in the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock valued at $38,000 after purchasing an additional 76 shares in the last quarter. Finally, American National Bank & Trust increased its holdings in Globant by 430.2% in the 3rd quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock valued at $45,000 after purchasing an additional 185 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.