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

Globant (NYSE:GLOB)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research report issued on Friday,Benzinga reports. They currently have a $265.00 price objective on the information technology services provider’s stock. Needham & Company LLC’s price objective suggests a potential upside of 27.44% from the company’s previous close.

GLOB has been the topic of several other reports. Susquehanna initiated coverage on shares of Globant in a research report on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price target on the stock. StockNews.com raised Globant from a “sell” rating to a “hold” rating in a report on Sunday, November 24th. Scotiabank lifted their price objective on Globant from $210.00 to $220.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 19th. Jefferies Financial Group lifted their price target on shares of Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and set a $205.00 price objective on shares of Globant in a report on Monday, November 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Globant currently has a consensus rating of “Moderate Buy” and a consensus target price of $231.28.

Globant Stock Performance

NYSE GLOB opened at $207.95 on Friday. The stock has a market capitalization of $8.96 billion, a PE ratio of 54.29, a P/E/G ratio of 2.26 and a beta of 1.38. The stock has a 50-day simple moving average of $218.70 and a 200 day simple moving average of $207.59. Globant has a twelve month low of $151.68 and a twelve month high of $251.50.

Institutional Investors Weigh In On Globant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Equitable Trust Co. lifted its position in shares of Globant by 1.1% during the third quarter. Equitable Trust Co. now owns 4,550 shares of the information technology services provider’s stock worth $902,000 after purchasing an additional 50 shares in the last quarter. M&T Bank Corp lifted its holdings in Globant by 3.8% during the 3rd quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock worth $326,000 after buying an additional 60 shares in the last quarter. Franklin Resources Inc. boosted its position in Globant by 0.6% in the 3rd quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock valued at $2,704,000 after buying an additional 71 shares during the last quarter. ORG Partners LLC increased its stake in shares of 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 buying an additional 76 shares during the period. Finally, Signaturefd LLC raised its position in shares of Globant by 46.0% during the third quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock worth $58,000 after acquiring an additional 92 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.