Globant (NYSE:GLOB) Price Target Raised to $237.00 at JPMorgan Chase & Co.

Globant (NYSE:GLOB) had its target price hoisted by JPMorgan Chase & Co. from $226.00 to $237.00 in a research note released on Friday, Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

Other research analysts have also issued reports about the stock. KeyCorp upped their target price on shares of Globant from $220.00 to $235.00 and gave the stock an overweight rating in a research report on Friday, August 16th. Scotiabank upped their price target on Globant from $200.00 to $210.00 and gave the stock a sector perform rating in a report on Wednesday, August 21st. StockNews.com cut Globant from a hold rating to a sell rating in a report on Tuesday, August 27th. Redburn Atlantic initiated coverage on Globant in a report on Friday, May 24th. They issued a sell rating and a $135.00 target price on the stock. Finally, Wedbush dropped their price target on Globant from $250.00 to $200.00 and set an outperform rating for the company in a research report on Friday, May 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $222.00.

Globant Trading Down 2.2 %

Shares of GLOB opened at $194.99 on Friday. The firm has a market capitalization of $8.40 billion, a PE ratio of 51.18, a P/E/G ratio of 2.51 and a beta of 1.41. The stock’s 50 day moving average is $192.30 and its two-hundred day moving average is $189.07. Globant has a twelve month low of $151.68 and a twelve month high of $251.50.

Globant (NYSE:GLOB) last released its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $586.72 million. During the same quarter last year, the company earned $1.04 earnings per share. Globant’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, sell-side analysts predict that Globant will post 5.01 EPS for the current year.

Institutional Trading of Globant

Hedge funds have recently added to or reduced their stakes in the business. Manning & Napier Advisors LLC acquired a new position in shares of Globant during the 2nd quarter valued at about $99,396,000. Norges Bank purchased a new stake in Globant in the fourth quarter valued at approximately $114,922,000. Wasatch Advisors LP increased its position in Globant by 6.8% during 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 purchasing an additional 213,049 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Globant by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock worth $78,851,000 after purchasing an additional 161,512 shares during the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in Globant by 65.7% during the fourth quarter. CIBC Private Wealth Group LLC now owns 405,124 shares of the information technology services provider’s stock worth $96,411,000 after purchasing an additional 160,616 shares during the period. 91.60% of the stock is owned by institutional investors and hedge funds.

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.