Globant (NYSE:GLOB) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Globant (NYSE:GLOB) had its price target increased by Needham & Company LLC from $245.00 to $265.00 in a research report sent to investors on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the information technology services provider’s stock.

A number of other equities research analysts have also weighed in on the company. UBS Group reaffirmed a “neutral” rating and issued a $235.00 price objective (up previously from $225.00) on shares of Globant in a report on Tuesday, August 20th. Jefferies Financial Group lifted their price target on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Citigroup increased their price objective on Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Canaccord Genuity Group upped their price target on shares of Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, TD Cowen raised their price objective on shares of Globant from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Friday. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $228.50.

Globant Stock Down 11.1 %

NYSE:GLOB traded down $25.50 during midday trading on Friday, reaching $203.29. The stock had a trading volume of 1,348,800 shares, compared to its average volume of 483,667. The stock has a market cap of $8.76 billion, a P/E ratio of 53.04, a P/E/G ratio of 2.91 and a beta of 1.39. The firm has a fifty day simple moving average of $208.98 and a two-hundred day simple moving average of $191.01. Globant has a 12-month low of $151.68 and a 12-month high of $251.50.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The business had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. During the same quarter in the previous year, the firm earned $1.04 earnings per share. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Globant will post 5.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quarry LP grew its holdings in shares of Globant by 529.6% during the second quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock worth $30,000 after buying an additional 143 shares in the last quarter. Ridgewood Investments LLC acquired a new position in Globant in the 2nd quarter valued at $31,000. BOKF NA raised 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 acquiring an additional 158 shares during the last quarter. ORG Partners LLC lifted its stake in shares of Globant by 65.5% during the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock worth $38,000 after purchasing an additional 76 shares during the period. Finally, American National Bank & Trust boosted its holdings in shares of Globant by 430.2% during the third quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock worth $45,000 after purchasing an additional 185 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

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.