Globant (NYSE:GLOB) Rating Increased to Neutral at Redburn Atlantic

Globant (NYSE:GLOB) was upgraded by stock analysts at Redburn Atlantic from a “sell” rating to a “neutral” rating in a research note issued on Tuesday, MarketBeat.com reports. The firm currently has a $150.00 target price on the information technology services provider’s stock, up from their prior target price of $140.00. Redburn Atlantic’s price objective points to a potential downside of 2.62% from the stock’s previous close.

Several other research analysts have also recently weighed in on the company. Citigroup boosted their target price on Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a report on Monday, October 28th. StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. Susquehanna initiated coverage on Globant in a research report on Tuesday, December 17th. They set a “positive” rating and a $255.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, UBS Group dropped their target price on Globant from $222.00 to $217.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $222.89.

Globant Stock Performance

NYSE GLOB opened at $154.03 on Tuesday. The stock has a 50-day simple moving average of $214.07 and a two-hundred day simple moving average of $210.96. The firm has a market capitalization of $6.64 billion, a P/E ratio of 41.41, a PEG ratio of 2.38 and a beta of 1.39. Globant has a fifty-two week low of $151.38 and a fifty-two week high of $238.32.

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

Institutional Investors Weigh In On Globant

Institutional investors and hedge funds have recently bought and sold shares of the business. Equitable Trust Co. increased its stake in shares of Globant by 1.1% in the third quarter. Equitable Trust Co. now owns 4,550 shares of the information technology services provider’s stock valued at $902,000 after purchasing an additional 50 shares during the period. M&T Bank Corp increased its stake in shares of Globant by 3.8% in 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 purchasing an additional 60 shares during the period. Franklin Resources Inc. increased its stake in shares of Globant by 0.6% in the third quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock valued at $2,704,000 after purchasing an additional 71 shares during the period. Congress Wealth Management LLC DE increased its stake in shares of Globant by 2.9% in the fourth quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider’s stock valued at $575,000 after purchasing an additional 76 shares during the period. Finally, Signaturefd LLC increased its stake in shares of Globant by 46.0% in the third quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock valued at $58,000 after purchasing an additional 92 shares during the period. 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.