Globant (NYSE:GLOB) Shares Gap Up Following Analyst Upgrade

Shares of Globant S.A. (NYSE:GLOB – Get Rating) gapped up before the market opened on Friday after Piper Sandler raised their price target on the stock from $204.00 to $207.00. The stock had previously closed at $151.66, but opened at $161.13. Globant shares last traded at $165.50, with a volume of 775,001 shares changing hands.

Other analysts have also recently issued reports about the stock. KeyCorp reduced their price objective on shares of Globant from $211.00 to $201.00 in a research note on Friday. Cowen dropped their target price on shares of Globant from $207.00 to $192.00 in a research report on Friday, February 17th. HSBC initiated coverage on shares of Globant in a research report on Thursday, February 2nd. They set a “buy” rating and a $240.00 target price for the company. Needham & Company LLC initiated coverage on shares of Globant in a research report on Wednesday, April 12th. They set a “buy” rating and a $205.00 target price for the company. Finally, StockNews.com began coverage on shares of Globant in a research report on Thursday. They set a “hold” rating for the company. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $224.80.

Institutional Investors Weigh In On Globant

Institutional investors have recently made changes to their positions in the company. Ridgewood Investments LLC bought a new stake in shares of Globant in the 1st quarter worth about $29,000. IFP Advisors Inc increased its stake in Globant by 1,068.8% in the 3rd quarter. IFP Advisors Inc now owns 187 shares of the information technology services provider’s stock worth $26,000 after buying an additional 171 shares during the period. Nisa Investment Advisors LLC increased its stake in Globant by 233.3% in the 1st quarter. Nisa Investment Advisors LLC now owns 200 shares of the information technology services provider’s stock worth $33,000 after buying an additional 140 shares during the period. Belpointe Asset Management LLC purchased a new position in Globant in the 4th quarter worth about $40,000. Finally, Clearstead Advisors LLC increased its stake in Globant by 1,566.7% in the 1st quarter. Clearstead Advisors LLC now owns 250 shares of the information technology services provider’s stock worth $41,000 after buying an additional 235 shares during the period. Institutional investors own 93.01% of the company’s stock.

Globant Trading Up 10.4 %

The company has a market cap of $7.10 billion, a PE ratio of 48.10 and a beta of 1.41. The company’s 50 day moving average is $152.36 and its 200 day moving average is $164.18.

Globant (NYSE:GLOB – Get Rating) last posted its quarterly earnings results on Thursday, February 16th. The information technology services provider reported $1.12 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.02). The company had revenue of $490.72 million during the quarter, compared to analysts’ expectations of $489.67 million. Globant had a return on equity of 12.09% and a net margin of 8.36%. Analysts expect that Globant S.A. will post 4.63 EPS for the current year.

About Globant

(Get Rating)

Globant SA engages in the provision of information technology services. It includes application development, testing, infrastructure management, and application maintenance. The company was founded by Martín Migoya, Martín Gonzalo Umaran, Guibert Andrés Englebienne, and Néstor Augusto Nocetti in 2003 and is headquartered in Luxembourg.