TD Cowen Forecasts Strong Price Appreciation for Globant (NYSE:GLOB) Stock

Globant (NYSE:GLOB - Get Free Report) had its price objective hoisted by stock analysts at TD Cowen from $230.00 to $240.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the information technology services provider's stock. TD Cowen's price objective would suggest a potential upside of 18.06% from the stock's current price.

Several other research analysts also recently issued reports on GLOB. StockNews.com upgraded shares of Globant from a "sell" rating to a "hold" rating in a research report on Friday, November 8th. Scotiabank increased their price target on shares of Globant from $200.00 to $210.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 21st. Needham & Company LLC boosted their price objective on shares of Globant from $200.00 to $245.00 and gave the stock a "buy" rating in a research report on Friday, August 16th. Citigroup lifted their target price on Globant from $240.00 to $251.00 and gave the company a "buy" rating in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. upped their price target on Globant from $237.00 to $248.00 and gave the company an "overweight" rating in a research note on Wednesday, October 30th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $228.50.

Globant Trading Down 11.1 %

GLOB stock traded down $25.50 during trading on Friday, hitting $203.29. 1,348,800 shares of the stock traded hands, compared to its average volume of 483,667. The stock has a market cap of $8.76 billion, a price-to-earnings ratio of 53.04, a P/E/G ratio of 2.91 and a beta of 1.39. Globant has a one year low of $151.68 and a one year high of $251.50. The company has a 50 day simple moving average of $208.98 and a 200 day simple moving average of $191.01.

Globant (NYSE:GLOB - Get Free Report) last announced its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, topping the consensus estimate of $1.50 by $0.01. Globant had a return on equity of 11.68% and a net margin of 7.39%. The business had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. During the same period in the previous year, the business earned $1.04 EPS. Globant's revenue was up 18.1% compared to the same quarter last year. As a group, analysts predict that Globant will post 5.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

Large investors have recently modified their holdings of the business. Wasatch Advisors LP raised its holdings in shares of Globant by 2.6% during the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider's stock worth $689,553,000 after acquiring an additional 88,829 shares during the period. Victory Capital Management Inc. raised its stake in shares of Globant by 1,817.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider's stock valued at $299,162,000 after purchasing an additional 1,431,112 shares during the period. Manning & Napier Advisors LLC bought a new stake in shares of Globant in the second quarter valued at about $99,396,000. Sei Investments Co. lifted its holdings in shares of Globant by 43.4% in the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider's stock valued at $91,432,000 after purchasing an additional 155,112 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Globant by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider's stock worth $78,851,000 after buying an additional 161,512 shares during the period. 91.60% of the stock is currently 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.