Globant S.A. (NYSE:GLOB) Receives $64.81 Average PT from Analysts

Globant S.A. (NYSE:GLOB) has been assigned a consensus rating of “Hold” from the eighteen brokerages that are covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, ten have given a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $64.8125.

A number of research firms recently commented on GLOB. Truist Financial decreased their target price on Globant from $54.00 to $44.00 and set a “hold” rating for the company in a report on Friday, May 15th. Needham & Company LLC reduced their price target on shares of Globant from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Wells Fargo & Company decreased their price objective on shares of Globant from $57.00 to $50.00 and set an “equal weight” rating for the company in a research note on Friday, March 27th. Wedbush reiterated an “outperform” rating on shares of Globant in a research note on Monday, May 18th. Finally, The Goldman Sachs Group reduced their target price on shares of Globant from $68.00 to $60.00 and set a “neutral” rating for the company in a report on Friday, May 15th.

Globant Stock Down 0.1%

GLOB stock opened at $32.48 on Friday. The stock has a market capitalization of $1.42 billion, a PE ratio of 13.21, a price-to-earnings-growth ratio of 1.19 and a beta of 1.06. Globant has a 52 week low of $27.56 and a 52 week high of $95.26. 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 firm has a 50 day moving average of $37.05 and a 200 day moving average of $49.26.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.50. The business 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 quarterly revenue was down .7% on a year-over-year basis. During the same quarter last year, the company posted $1.50 earnings per share. Sell-side analysts forecast that Globant will post 4.92 earnings per share for the current year.

Globant declared that its Board of Directors has initiated a stock buyback plan on Monday, May 18th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the information technology services provider to buy up to 2.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Globant

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Globant during the first quarter valued at $447,000. Goldman Sachs Group Inc. boosted its stake in shares of Globant by 69.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider’s stock worth $8,739,000 after acquiring an additional 30,386 shares in the last quarter. First Trust Advisors LP grew its position in shares of Globant by 61.9% during the 2nd quarter. First Trust Advisors LP now owns 102,280 shares of the information technology services provider’s stock valued at $9,291,000 after acquiring an additional 39,122 shares during the period. Marshall Wace LLP grew its position in shares of Globant by 823.2% during the 2nd quarter. Marshall Wace LLP now owns 105,894 shares of the information technology services provider’s stock valued at $9,619,000 after acquiring an additional 94,424 shares during the period. Finally, Amundi increased its stake in shares of Globant by 192.7% in the 2nd quarter. Amundi now owns 7,970 shares of the information technology services provider’s stock valued at $727,000 after purchasing an additional 5,247 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Company Profile

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.