Globant (NYSE:GLOB) Shares Gap Up – Still a Buy?

Globant S.A. (NYSE:GLOB) shares gapped up prior to trading on Monday . The stock had previously closed at $151.72, but opened at $158.39. Globant shares last traded at $158.29, with a volume of 715,654 shares trading hands.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. JPMorgan Chase & Co. cut their price target on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a report on Friday. Citigroup raised their target price on shares of Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research note on Monday, October 28th. StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. Scotiabank decreased their target price on shares of Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a report on Monday. Finally, Jefferies Financial Group raised their target price on shares of Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $222.06.

Globant Stock Up 4.0 %

The stock’s 50-day moving average price is $214.07 and its 200 day moving average price is $210.96. The company has a market cap of $6.80 billion, a P/E ratio of 42.39, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). The firm had revenue of $642.48 million during the quarter, compared to analyst estimates of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. Analysts expect that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Institutional Trading of Globant

Several institutional investors and hedge funds have recently added to or reduced their stakes in GLOB. Victory Capital Management Inc. raised its holdings in Globant by 1,817.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock worth $299,162,000 after purchasing an additional 1,431,112 shares during the last quarter. GQG Partners LLC bought a new stake in shares of Globant in the 4th quarter valued at about $84,906,000. Canada Pension Plan Investment Board bought a new stake in shares of Globant in the 4th quarter valued at about $60,913,000. JPMorgan Chase & Co. increased its stake in shares of Globant by 8.6% in the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after acquiring an additional 203,472 shares during the last quarter. Finally, Capital International Investors increased its stake in shares of Globant by 13.1% in the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock valued at $364,723,000 after acquiring an additional 197,064 shares during the last quarter. 91.60% of the stock is owned by institutional investors.

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.