Globant (NYSE:GLOB) Stock Price Up 5.8% – Here’s What Happened

Globant S.A. (NYSE:GLOB)’s share price was up 5.8% on Monday . The stock traded as high as $31.71 and last traded at $31.70. Approximately 250,816 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 1,675,871 shares. The stock had previously closed at $29.96.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. UBS Group decreased their target price on Globant from $75.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. William Blair downgraded Globant from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Susquehanna decreased their price objective on Globant from $90.00 to $78.00 and set a “positive” rating on the stock in a report on Friday, May 15th. Itau BBA Securities cut Globant from an “outperform” rating to a “market perform” rating and set a $39.00 price objective on the stock. in a research report on Wednesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft set a $33.00 target price on Globant in a report on Friday. Seven research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $58.18.

Globant Price Performance

The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 13.11, a P/E/G ratio of 1.10 and a beta of 1.06. The business’s 50 day simple moving average is $35.92 and its 200-day simple moving average is $47.83.

Globant (NYSE:GLOB) last issued its earnings results on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, meeting the consensus estimate of $1.50. The company had revenue of $607.09 million during the quarter, compared to analysts’ expectations of $601.65 million. Globant had a net margin of 4.46% and a return on equity of 9.87%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.50 EPS. On average, research analysts forecast that Globant S.A. will post 4.91 earnings per share for the current year.

Globant declared that its Board of Directors has approved a stock repurchase plan on Monday, May 18th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the information technology services provider to repurchase up to 2.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Globant

Large investors have recently modified their holdings of the business. Signaturefd LLC increased its stake in shares of Globant by 65.1% in the 4th quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 190 shares during the last quarter. Allworth Financial LP lifted its position in shares of Globant by 473.3% during the 4th quarter. Allworth Financial LP now owns 493 shares of the information technology services provider’s stock worth $32,000 after buying an additional 407 shares during the last quarter. Larson Financial Group LLC boosted its stake in Globant by 561.2% in the fourth quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock valued at $45,000 after buying an additional 578 shares in the last quarter. GAMMA Investing LLC boosted its stake in Globant by 34.3% in the fourth quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock valued at $47,000 after buying an additional 182 shares in the last quarter. Finally, MidFirst Bank bought a new position in Globant in the fourth quarter valued at about $47,000. Institutional investors and hedge funds own 91.60% of the company’s stock.

About Globant

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.