Needham & Company LLC Reiterates Buy Rating for Globant (NYSE:GLOB)

Needham & Company LLC reissued their buy rating on shares of Globant (NYSE:GLOB) in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a $220.00 price objective on the information technology services provider’s stock.

Other research analysts have also recently issued research reports about the stock. Redburn Atlantic upgraded shares of Globant from a “sell” rating to a “neutral” rating and upped their target price for the stock from $140.00 to $150.00 in a research report on Tuesday, February 25th. UBS Group lowered their target price on Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. JPMorgan Chase & Co. lowered their price target on Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Piper Sandler lowered their price objective on shares of Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Finally, TD Cowen boosted their target price on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, Globant currently has an average rating of “Moderate Buy” and an average price target of $221.39.

Globant Stock Up 4.3 %

Shares of GLOB stock opened at $134.43 on Wednesday. The company has a market cap of $5.92 billion, a P/E ratio of 36.14, a PEG ratio of 2.38 and a beta of 1.47. The business has a 50 day moving average of $191.29 and a two-hundred day moving average of $205.20. Globant has a 52 week low of $128.76 and a 52 week high of $238.32.

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

Institutional Investors Weigh In On Globant

Several hedge funds have recently made changes to their positions in the company. Van ECK Associates Corp boosted its position in Globant by 62.4% during the 3rd quarter. Van ECK Associates Corp now owns 398 shares of the information technology services provider’s stock worth $86,000 after acquiring an additional 153 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Globant by 121.3% during the third quarter. Principal Financial Group Inc. now owns 30,351 shares of the information technology services provider’s stock worth $6,014,000 after purchasing an additional 16,639 shares during the period. Future Fund LLC grew its position in Globant by 15.9% during the third quarter. Future Fund LLC now owns 4,868 shares of the information technology services provider’s stock valued at $1,023,000 after purchasing an additional 668 shares in the last quarter. Oppenheimer Asset Management Inc. increased its stake in Globant by 2.5% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 94,827 shares of the information technology services provider’s stock valued at $18,789,000 after buying an additional 2,300 shares during the period. Finally, Zions Bancorporation N.A. increased its stake in Globant by 18.0% in the 3rd quarter. Zions Bancorporation N.A. now owns 6,334 shares of the information technology services provider’s stock valued at $1,255,000 after buying an additional 965 shares during the period. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Globant Company Profile

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.