JPMorgan Chase & Co. Increases Globant (GLOB) Price Target to $69.00

Globant (NYSE:GLOB) had its price target raised by JPMorgan Chase & Co. from $66.00 to $69.00 in a research note published on Friday. JPMorgan Chase & Co. currently has an overweight rating on the information technology services provider’s stock.

Other equities analysts have also recently issued research reports about the company. SunTrust Banks lifted their price target on Globant to $64.00 and gave the stock a buy rating in a report on Wednesday, July 11th. Wedbush lifted their price target on Globant from $55.00 to $65.00 and gave the stock an outperform rating in a report on Tuesday, June 19th. Zacks Investment Research cut Globant from a buy rating to a hold rating in a report on Monday, May 21st. Finally, Citigroup lifted their price target on Globant from $62.00 to $66.00 and gave the stock a buy rating in a report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. Globant currently has a consensus rating of Buy and an average price target of $57.63.

Shares of NYSE GLOB opened at $62.13 on Friday. Globant has a fifty-two week low of $34.82 and a fifty-two week high of $63.17. The stock has a market capitalization of $2.22 billion, a PE ratio of 70.60 and a beta of 0.54.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, August 23rd. The information technology services provider reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.12. Globant had a return on equity of 15.07% and a net margin of 9.48%. The business had revenue of $127.90 million during the quarter, compared to analysts’ expectations of $125.18 million. During the same quarter last year, the company posted $0.27 earnings per share. Globant’s quarterly revenue was up 28.4% on a year-over-year basis. sell-side analysts expect that Globant will post 1.24 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the business. Hood River Capital Management LLC lifted its position in Globant by 44.6% during the second quarter. Hood River Capital Management LLC now owns 610,394 shares of the information technology services provider’s stock worth $34,664,000 after acquiring an additional 188,204 shares during the last quarter. Wasatch Advisors Inc. lifted its position in Globant by 16.2% during the second quarter. Wasatch Advisors Inc. now owns 1,284,034 shares of the information technology services provider’s stock worth $72,920,000 after acquiring an additional 179,185 shares during the last quarter. Compass Group LLC lifted its position in Globant by 53.0% during the second quarter. Compass Group LLC now owns 1,423,193 shares of the information technology services provider’s stock worth $80,795,000 after acquiring an additional 493,101 shares during the last quarter. Bamco Inc. NY lifted its position in Globant by 62.7% during the first quarter. Bamco Inc. NY now owns 22,747 shares of the information technology services provider’s stock worth $1,172,000 after acquiring an additional 8,770 shares during the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its position in Globant by 43.0% during the second quarter. State of New Jersey Common Pension Fund D now owns 79,301 shares of the information technology services provider’s stock worth $4,504,000 after acquiring an additional 23,861 shares during the last quarter. Hedge funds and other institutional investors own 79.51% of the company’s stock.

Globant Company Profile

Globant SA, a technology services company, provides services related to application development, testing, infrastructure management, and application maintenance worldwide. The company offers machine learning, pattern recognition, natural language understanding, future of organizations, customer insight, behavioral change, product innovation, design thinking, product management discovery and delivery, and product coaching services.

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Analyst Recommendations for Globant (NYSE:GLOB)

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