Globant (NYSE:GLOB) Given New $248.00 Price Target at JPMorgan Chase & Co.

Globant (NYSE:GLOB - Get Free Report) had its price target lifted by stock analysts at JPMorgan Chase & Co. from $237.00 to $248.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an "overweight" rating on the information technology services provider's stock. JPMorgan Chase & Co.'s price objective indicates a potential upside of 16.17% from the company's previous close.

Other research analysts have also issued reports about the stock. TD Cowen boosted their target price on shares of Globant from $220.00 to $230.00 and gave the company a "buy" rating in a research note on Friday, August 16th. Canaccord Genuity Group lifted their target price on Globant from $175.00 to $205.00 and gave the company a "hold" rating in a research note on Wednesday, August 21st. UBS Group reissued a "neutral" rating and issued a $235.00 price target (up previously from $225.00) on shares of Globant in a research note on Tuesday, August 20th. Scotiabank upped their price objective on shares of Globant from $200.00 to $210.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 21st. Finally, Piper Sandler reiterated an "overweight" rating and issued a $240.00 target price (up previously from $238.00) on shares of Globant in a research report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $226.21.

Globant Stock Down 3.3 %

GLOB stock traded down $7.21 during trading on Wednesday, hitting $213.49. 344,437 shares of the company's stock traded hands, compared to its average volume of 480,500. The stock has a fifty day moving average price of $203.48 and a two-hundred day moving average price of $187.53. Globant has a 52 week low of $151.68 and a 52 week high of $251.50. The stock has a market capitalization of $9.20 billion, a price-to-earnings ratio of 57.06, a price-to-earnings-growth ratio of 2.70 and a beta of 1.39.

Globant (NYSE:GLOB - Get Free Report) last issued its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.50 by $0.01. The firm had revenue of $587.46 million for the quarter, compared to analysts' expectations of $586.72 million. Globant had a net margin of 7.39% and a return on equity of 11.68%. Globant's revenue was up 18.1% on a year-over-year basis. During the same quarter last year, the company posted $1.04 earnings per share. As a group, equities research analysts expect that Globant will post 5.02 EPS for the current fiscal year.

Institutional Trading of Globant

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP lifted its holdings in shares of Globant by 529.6% in the second quarter. Quarry LP now owns 170 shares of the information technology services provider's stock valued at $30,000 after purchasing an additional 143 shares in the last quarter. Ridgewood Investments LLC purchased a new stake in Globant in the 2nd quarter worth about $31,000. BOKF NA lifted its stake in Globant by 15,800.0% in the 1st quarter. BOKF NA now owns 159 shares of the information technology services provider's stock worth $32,000 after acquiring an additional 158 shares in the last quarter. ORG Partners LLC boosted its position in Globant by 65.5% during the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider's stock worth $38,000 after acquiring an additional 76 shares during the period. Finally, American National Bank & Trust grew its stake in Globant by 430.2% during the 3rd quarter. American National Bank & Trust now owns 228 shares of the information technology services provider's stock valued at $45,000 after acquiring an additional 185 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company's stock.

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.