Globant (NYSE:GLOB) Updates FY 2022 Earnings Guidance

Globant (NYSE:GLOB – Get Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.94- for the period, compared to the consensus earnings per share estimate of $4.96. The company issued revenue guidance of $1.77B-, compared to the consensus revenue estimate of $1.77 billion.Globant also updated its Q2 2022 guidance to $1.20- EPS.

GLOB opened at $203.42 on Thursday. The business has a fifty day simple moving average of $211.07 and a 200 day simple moving average of $244.62. The company has a market capitalization of $8.52 billion, a PE ratio of 77.64 and a beta of 1.53. Globant has a 1 year low of $159.56 and a 1 year high of $354.62.

Globant (NYSE:GLOB – Get Rating) last released its quarterly earnings results on Thursday, May 19th. The information technology services provider reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.16 by $0.03. The business had revenue of $401.38 million during the quarter, compared to the consensus estimate of $397.41 million. Globant had a return on equity of 10.98% and a net margin of 7.77%. The firm’s quarterly revenue was up 48.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.66 EPS. On average, sell-side analysts predict that Globant will post 3.89 EPS for the current year.

Several equities analysts have weighed in on GLOB shares. Cowen dropped their price objective on Globant from $305.00 to $240.00 in a report on Friday, May 20th. Citigroup lowered their price target on Globant from $350.00 to $265.00 and set a buy rating for the company in a report on Friday, May 20th. StockNews.com started coverage on Globant in a report on Thursday, March 31st. They set a hold rating for the company. Zacks Investment Research cut Globant from a hold rating to a sell rating in a report on Friday, May 20th. Finally, Piper Sandler lowered their price target on Globant from $339.00 to $223.00 and set an overweight rating for the company in a report on Friday, May 20th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Globant currently has a consensus rating of Buy and a consensus price target of $298.78.

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Globant by 86.9% during the 1st quarter. Vanguard Group Inc. now owns 141,141 shares of the information technology services provider’s stock worth $36,988,000 after buying an additional 65,635 shares during the period. Invesco Ltd. raised its stake in Globant by 5.5% during the 1st quarter. Invesco Ltd. now owns 1,232,195 shares of the information technology services provider’s stock worth $322,920,000 after buying an additional 64,161 shares during the period. Hsbc Holdings PLC raised its stake in Globant by 64.3% during the 1st quarter. Hsbc Holdings PLC now owns 83,965 shares of the information technology services provider’s stock worth $22,166,000 after buying an additional 32,860 shares during the period. State Street Corp raised its stake in Globant by 5.5% during the 1st quarter. State Street Corp now owns 444,580 shares of the information technology services provider’s stock worth $116,511,000 after buying an additional 22,993 shares during the period. Finally, Prudential Financial Inc. raised its stake in Globant by 247.8% during the 1st quarter. Prudential Financial Inc. now owns 29,332 shares of the information technology services provider’s stock worth $7,687,000 after buying an additional 20,898 shares during the period. Institutional investors own 88.21% of the company’s stock.

About Globant (Get Rating)

Globant SA operates as a technology services company worldwide. It offers e-commerce, new distribution capabilities, augmented revenue management, hyper connected operation, and conversational user experience services through reinvention studios; digital lending, commercial effectiveness, finance, sustainability, regulation analytic, transformation and post-merger integration, and payment and open banking services; and game and graphic engineering, UI and UX design, game as a service, DevOps, and online services, as well as high tech tools.

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