StockNews.com Upgrades Globant (NYSE:GLOB) to “Hold”

Globant (NYSE:GLOB) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Saturday.

A number of other equities analysts have also recently weighed in on the stock. Redburn Atlantic raised shares of Globant from a “sell” rating to a “neutral” rating and upped their price objective for the company from $140.00 to $150.00 in a research report on Tuesday, February 25th. Susquehanna lowered their price objective on Globant from $225.00 to $160.00 and set a “positive” rating for the company in a research note on Wednesday, April 23rd. Scotiabank dropped their price objective on Globant from $170.00 to $140.00 and set a “sector perform” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. decreased their price target on shares of Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price target on shares of Globant in a report on Wednesday, March 12th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Globant has a consensus rating of “Moderate Buy” and a consensus target price of $204.00.

Globant Price Performance

Shares of NYSE:GLOB opened at $119.28 on Friday. The firm has a market capitalization of $5.25 billion, a price-to-earnings ratio of 32.06, a price-to-earnings-growth ratio of 2.38 and a beta of 1.37. The business’s 50 day simple moving average is $122.08 and its 200-day simple moving average is $183.81. Globant has a 12 month low of $96.23 and a 12 month high of $238.32.

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

Hedge Funds Weigh In On Globant

A number of hedge funds have recently made changes to their positions in GLOB. Manning & Napier Advisors LLC grew its stake in Globant by 86.3% during the first quarter. Manning & Napier Advisors LLC now owns 907,659 shares of the information technology services provider’s stock worth $106,850,000 after buying an additional 420,382 shares during the last quarter. GQG Partners LLC acquired a new stake in Globant during the 4th quarter valued at $84,906,000. Canada Pension Plan Investment Board bought a new position in Globant in the 4th quarter valued at $60,913,000. JPMorgan Chase & Co. boosted its stake in Globant by 8.6% in the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock worth $551,506,000 after purchasing an additional 203,472 shares in the last quarter. Finally, Capital International Investors grew its holdings in shares of Globant by 13.1% during the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock worth $364,723,000 after purchasing an additional 197,064 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

About Globant

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.