Globant (NYSE:GLOB) Stock Price Expected to Rise, TD Cowen Analyst Says

Globant (NYSE:GLOB) had its target price raised by research analysts at TD Cowen from $230.00 to $240.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. TD Cowen’s target price would suggest a potential upside of 18.06% from the stock’s current price.

GLOB has been the subject of several other research reports. UBS Group reissued a “neutral” rating and set a $235.00 price target (up previously from $225.00) on shares of Globant in a report on Tuesday, August 20th. KeyCorp upped 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. Jefferies Financial Group lifted their price target on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a report on Monday, September 9th. Needham & Company LLC increased their price objective on Globant from $200.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Finally, Scotiabank lifted 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. 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 company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $228.50.

Globant Stock Down 11.1 %

GLOB opened at $203.29 on Friday. The company’s 50-day moving average price is $208.98 and its 200 day moving average price is $191.01. Globant has a fifty-two week low of $151.68 and a fifty-two week high of $251.50. The firm has a market cap of $8.76 billion, a price-to-earnings ratio of 53.08, a price-to-earnings-growth ratio of 2.91 and a beta of 1.39.

Globant (NYSE:GLOB) last announced 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. Globant had a return on equity of 11.68% and a net margin of 7.39%. The business had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. During the same period in the prior year, the firm earned $1.04 EPS. The business’s quarterly revenue was up 18.1% on a year-over-year basis. Research analysts anticipate that Globant will post 5.06 earnings per share for the current year.

Institutional Investors Weigh In On Globant

Large investors have recently modified their holdings of the stock. M&T Bank Corp lifted its stake in Globant by 3.8% during the third quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock valued at $326,000 after buying an additional 60 shares in the last quarter. Barclays PLC lifted its position in shares of Globant by 132.9% in the 3rd quarter. Barclays PLC now owns 22,537 shares of the information technology services provider’s stock valued at $4,467,000 after acquiring an additional 12,862 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in Globant in the 3rd quarter worth approximately $12,637,000. Pier Capital LLC grew its position in Globant by 96.1% during the 3rd quarter. Pier Capital LLC now owns 45,550 shares of the information technology services provider’s stock worth $9,025,000 after purchasing an additional 22,318 shares in the last quarter. Finally, National Bank of Canada FI raised its stake in Globant by 3.3% during the 3rd quarter. National Bank of Canada FI now owns 3,816 shares of the information technology services provider’s stock valued at $756,000 after purchasing an additional 122 shares during the period. 91.60% of the stock is owned by institutional investors.

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.