Piper Sandler Reaffirms “Overweight” Rating for Globant (NYSE:GLOB)

Piper Sandler reissued their overweight rating on shares of Globant (NYSE:GLOB) in a research report report published on Tuesday morning, Benzinga reports. The firm currently has a $238.00 price objective on the information technology services provider’s stock.

Several other equities research analysts have also recently issued reports on GLOB. Wedbush cut their price objective on shares of Globant from $250.00 to $200.00 and set an outperform rating for the company in a research report on Friday, May 17th. Scotiabank reduced their price target on shares of Globant from $200.00 to $190.00 and set a sector perform rating on the stock in a research report on Friday, May 17th. Mizuho lowered their price objective on Globant from $279.00 to $252.00 and set a buy rating for the company in a research report on Wednesday, May 22nd. Needham & Company LLC reissued a buy rating and set a $200.00 target price on shares of Globant in a research note on Thursday, June 13th. Finally, JPMorgan Chase & Co. decreased their price target on Globant from $273.00 to $257.00 and set an overweight rating on the stock in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Globant currently has a consensus rating of Moderate Buy and a consensus price target of $216.72.

Globant Trading Up 2.6 %

GLOB opened at $197.05 on Tuesday. The firm has a market capitalization of $8.49 billion, a PE ratio of 51.72, a PEG ratio of 1.98 and a beta of 1.41. Globant has a twelve month low of $151.68 and a twelve month high of $251.50. The firm’s 50-day moving average price is $173.06 and its 200 day moving average price is $197.58.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, May 16th. The information technology services provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.01. Globant had a return on equity of 11.60% and a net margin of 7.62%. The business had revenue of $571.08 million for the quarter, compared to analysts’ expectations of $570.72 million. As a group, analysts predict that Globant will post 5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Globant in the 4th quarter valued at about $490,000. Trust Point Inc. purchased a new position in Globant in the fourth quarter worth approximately $1,741,000. Seven Eight Capital LP acquired a new position in Globant during the 1st quarter worth approximately $2,138,000. Franklin Resources Inc. increased its position in shares of Globant by 0.9% in the 4th quarter. Franklin Resources Inc. now owns 12,672 shares of the information technology services provider’s stock valued at $3,016,000 after purchasing an additional 111 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale increased its position in shares of Globant by 146.4% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 45,190 shares of the information technology services provider’s stock valued at $10,734,000 after purchasing an additional 26,850 shares during the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

About Globant

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.