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

Globant S.A. (NYSE:GLOB)’s share price gapped up prior to trading on Friday after Piper Sandler raised their price target on the stock from $212.00 to $217.00. The stock had previously closed at $183.09, but opened at $192.54. Piper Sandler currently has an overweight rating on the stock. Globant shares last traded at $203.48, with a volume of 108,227 shares.

Other equities analysts have also issued reports about the company. Needham & Company LLC lifted their price objective on Globant from $205.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday. Citigroup boosted their price target on Globant from $185.00 to $215.00 in a research note on Tuesday, July 25th. JPMorgan Chase & Co. boosted their price target on Globant from $194.00 to $236.00 and gave the company an “overweight” rating in a research note on Tuesday, August 22nd. KeyCorp lowered their price target on Globant from $230.00 to $218.00 and set an “overweight” rating on the stock in a research note on Friday. Finally, Wedbush restated an “outperform” rating and set a $250.00 price target on shares of Globant in a research note on Tuesday, September 19th. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Globant presently has a consensus rating of “Moderate Buy” and an average target price of $217.57.

Hedge Funds Weigh In On Globant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLOB. CI Investments Inc. boosted its stake in Globant by 122.0% in the 3rd quarter. CI Investments Inc. now owns 131 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 72 shares during the period. Nisa Investment Advisors LLC boosted 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 purchasing an additional 140 shares during the period. Clearstead Advisors LLC boosted 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 purchasing an additional 235 shares during the period. Cornerstone Planning Group LLC acquired a new position in Globant in the 2nd quarter worth $50,000. Finally, Fortis Capital Advisors LLC acquired a new position in Globant in the 1st quarter worth $55,000. 91.49% of the stock is owned by institutional investors and hedge funds.

Globant Trading Up 11.9 %

The stock has a market capitalization of $8.66 billion, a price-to-earnings ratio of 59.57 and a beta of 1.31. The stock’s 50 day moving average is $189.43 and its two-hundred day moving average is $181.29.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, August 17th. The information technology services provider reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.10 by ($0.06). Globant had a return on equity of 11.40% and a net margin of 7.74%. The business had revenue of $497.53 million for the quarter, compared to analyst estimates of $496.47 million. On average, research analysts anticipate that Globant S.A. will post 4.62 earnings per share for the current year.

About Globant

Globant SA operates as a technology services company worldwide. The company 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.