TD Cowen Issues Positive Forecast for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its target price raised by TD Cowen from $230.00 to $240.00 in a research note published on Friday morning,Benzinga reports. The firm currently has a buy rating on the information technology services provider’s stock.

Several other brokerages also recently weighed in on GLOB. UBS Group reaffirmed a “neutral” rating and set a $235.00 price target (up from $225.00) on shares of Globant in a research report on Tuesday, August 20th. Canaccord Genuity Group increased their price target on Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. KeyCorp increased their price target on Globant from $220.00 to $235.00 and gave the stock an “overweight” rating in a research report on Friday, August 16th. StockNews.com raised Globant from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Finally, Needham & Company LLC increased their price target on Globant from $200.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, Globant has an average rating of “Moderate Buy” and an average target price of $228.50.

Globant Stock Performance

GLOB stock traded down $25.50 during midday trading on Friday, reaching $203.29. The stock had a trading volume of 1,348,800 shares, compared to its average volume of 483,667. The stock has a market cap of $8.76 billion, a PE ratio of 53.04, a P/E/G ratio of 2.91 and a beta of 1.39. The firm has a fifty day simple moving average of $208.98 and a two-hundred day simple moving average of $191.01. Globant has a 52-week low of $151.68 and a 52-week high of $251.50.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. The company had revenue of $587.46 million during the quarter, compared to analyst estimates of $586.72 million. Globant had a return on equity of 11.68% and a net margin of 7.39%. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter last year, the business posted $1.04 EPS. On average, sell-side analysts predict that Globant will post 5.06 EPS for the current fiscal year.

Institutional Trading of Globant

Several institutional investors have recently made changes to their positions in GLOB. Victory Capital Management Inc. raised its position in shares of Globant by 1,817.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after buying an additional 1,431,112 shares during the period. Manning & Napier Advisors LLC acquired a new stake in Globant in the 2nd quarter valued at approximately $99,396,000. Dimensional Fund Advisors LP increased its holdings in Globant by 57.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after purchasing an additional 161,512 shares during the last quarter. Sei Investments Co. increased its holdings in Globant by 43.4% in the 2nd quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock valued at $91,432,000 after purchasing an additional 155,112 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in Globant by 89.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock valued at $47,450,000 after purchasing an additional 126,030 shares during the last quarter. 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.