Raymond James & Associates Raises Stake in Globant S.A. (NYSE:GLOB)

Raymond James & Associates boosted its holdings in Globant S.A. (NYSE:GLOB) by 27.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 79,234 shares of the information technology services provider’s stock after purchasing an additional 17,035 shares during the quarter. Raymond James & Associates’ holdings in Globant were worth $15,699,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in GLOB. Wasatch Advisors LP grew its stake in shares of Globant by 6.8% in the first quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock worth $673,693,000 after acquiring an additional 213,049 shares during the last quarter. Norden Group LLC purchased a new stake in Globant during the 1st quarter valued at about $659,000. Maryland State Retirement & Pension System purchased a new stake in Globant during the 1st quarter valued at about $631,000. BNP Paribas Financial Markets increased its stake in Globant by 733.4% during the 1st quarter. BNP Paribas Financial Markets now owns 18,235 shares of the information technology services provider’s stock valued at $3,682,000 after purchasing an additional 16,047 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in Globant by 11.9% in the first quarter. Janney Montgomery Scott LLC now owns 16,157 shares of the information technology services provider’s stock worth $3,262,000 after buying an additional 1,715 shares during the last quarter. Institutional investors own 91.60% of the company’s stock.

Globant Trading Down 0.5 %

GLOB opened at $218.04 on Friday. Globant S.A. has a 1-year low of $151.68 and a 1-year high of $251.50. The firm’s 50 day simple moving average is $202.75 and its two-hundred day simple moving average is $187.37. The company has a market capitalization of $9.40 billion, a PE ratio of 56.93, a PEG ratio of 2.70 and a beta of 1.39.

Globant (NYSE:GLOB) last released its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.01. Globant had a return on equity of 11.68% and a net margin of 7.39%. The company had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. During the same period in the previous year, the business earned $1.04 earnings per share. Globant’s quarterly revenue was up 18.1% compared to the same quarter last year. Equities analysts forecast that Globant S.A. will post 5.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GLOB has been the topic of a number of recent analyst reports. Scotiabank increased their price target on shares of Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft began coverage on Globant in a report on Thursday, August 22nd. They issued a “hold” rating and a $210.00 target price for the company. UBS Group restated a “neutral” rating and issued a $235.00 price target (up previously from $225.00) on shares of Globant in a research note on Tuesday, August 20th. Citigroup increased their price objective on Globant from $215.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Finally, Canaccord Genuity Group lifted their price objective on Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $224.00.

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.