Globant’s (GLOB) “Buy” Rating Reiterated at Needham & Company LLC

Globant (NYSE:GLOB)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They currently have a $220.00 price objective on the information technology services provider’s stock. Needham & Company LLC’s target price points to a potential upside of 63.17% from the stock’s current price.

Several other equities analysts have also weighed in on GLOB. UBS Group decreased their target price on shares of Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Susquehanna initiated coverage on Globant in a report on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price objective on the stock. Redburn Atlantic raised Globant from a “sell” rating to a “neutral” rating and raised their target price for the stock from $140.00 to $150.00 in a research note on Tuesday, February 25th. Jefferies Financial Group upped their price target on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, Piper Sandler lowered their price target on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $221.39.

Globant Trading Up 2.4 %

NYSE:GLOB opened at $134.83 on Wednesday. The firm has a market cap of $5.94 billion, a P/E ratio of 36.24, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47. The stock has a 50 day moving average of $196.31 and a two-hundred day moving average of $206.72. Globant has a 12 month low of $130.06 and a 12 month high of $238.32.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a return on equity of 11.83% and a net margin of 6.86%. The business had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. On average, research analysts forecast that Globant will post 5.73 earnings per share for the current year.

Institutional Investors Weigh In On Globant

A number of large investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp lifted its position in shares of Globant by 62.4% during the third quarter. Van ECK Associates Corp now owns 398 shares of the information technology services provider’s stock worth $86,000 after purchasing an additional 153 shares during the last quarter. Principal Financial Group Inc. raised its stake in Globant by 121.3% during the third quarter. Principal Financial Group Inc. now owns 30,351 shares of the information technology services provider’s stock valued at $6,014,000 after buying an additional 16,639 shares in the last quarter. Future Fund LLC lifted its holdings in Globant by 15.9% during the 3rd quarter. Future Fund LLC now owns 4,868 shares of the information technology services provider’s stock worth $1,023,000 after buying an additional 668 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in shares of Globant by 2.5% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 94,827 shares of the information technology services provider’s stock worth $18,789,000 after acquiring an additional 2,300 shares in the last quarter. Finally, Zions Bancorporation N.A. increased its holdings in shares of Globant by 18.0% in the 3rd quarter. Zions Bancorporation N.A. now owns 6,334 shares of the information technology services provider’s stock valued at $1,255,000 after acquiring an additional 965 shares during the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

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.