Globant (NYSE:GLOB) Given New $240.00 Price Target at TD Cowen

Globant (NYSE:GLOB) had its price objective increased by research analysts at TD Cowen from $230.00 to $240.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the information technology services provider’s stock. TD Cowen’s price target would suggest a potential upside of 18.13% from the stock’s current price.

GLOB has been the topic of several other reports. Citigroup increased their target price on Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Piper Sandler decreased their target price on Globant from $240.00 to $237.00 and set an “overweight” rating for the company in a research report on Friday. Deutsche Bank Aktiengesellschaft assumed coverage on Globant in a report on Thursday, August 22nd. They set a “hold” rating and a $210.00 target price on the stock. StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Finally, KeyCorp boosted their target price on shares of Globant from $220.00 to $235.00 and gave the stock an “overweight” rating in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $227.39.

Globant Price Performance

GLOB traded down $25.62 during trading on Friday, reaching $203.17. 690,627 shares of the stock were exchanged, compared to its average volume of 480,489. Globant has a 1 year low of $151.68 and a 1 year high of $251.50. The business’s 50 day moving average price is $208.82 and its two-hundred day moving average price is $190.87. The company has a market capitalization of $8.75 billion, a price-to-earnings ratio of 52.95, a P/E/G ratio of 2.91 and a beta of 1.39.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, topping 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 company had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. During the same period last year, the company earned $1.04 EPS. The firm’s revenue for the quarter was up 18.1% compared to the same quarter last year. On average, analysts anticipate that Globant will post 5.06 EPS for the current year.

Institutional Trading of Globant

Several hedge funds have recently bought and sold shares of GLOB. Seven Eight Capital LP bought a new position in shares of Globant in the first quarter valued at approximately $2,138,000. Vanguard Group Inc. grew its holdings in Globant by 7.9% during the first quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock worth $22,681,000 after acquiring an additional 8,267 shares during the period. Cetera Investment Advisers lifted its holdings in Globant by 1,079.8% in the 1st quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock valued at $4,066,000 after acquiring an additional 18,433 shares during the last quarter. Jupiter Asset Management Ltd. lifted its holdings in Globant by 14.6% in the 1st quarter. Jupiter Asset Management Ltd. now owns 42,584 shares of the information technology services provider’s stock valued at $8,598,000 after acquiring an additional 5,441 shares during the last quarter. Finally, Brown Brothers Harriman & Co. boosted its position in shares of Globant by 97.4% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 154,538 shares of the information technology services provider’s stock valued at $27,548,000 after purchasing an additional 76,256 shares in the last quarter. 91.60% of the stock is currently owned by 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.