Globant S.A. (NYSE:GLOB) Receives Average Rating of “Buy” from Analysts

Shares of Globant S.A. (NYSE:GLOB) have been assigned a consensus recommendation of “Buy” from the twelve brokerages that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $324.56.

Several equities research analysts have issued reports on GLOB shares. Zacks Investment Research downgraded Globant from a “buy” rating to a “hold” rating in a report on Wednesday. Cowen increased their price target on Globant from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Friday, August 13th. Citigroup increased their price target on Globant from $310.00 to $370.00 and gave the stock a “buy” rating in a report on Friday, November 19th. The Goldman Sachs Group upgraded Globant from a “neutral” rating to a “buy” rating and increased their price target for the stock from $235.00 to $395.00 in a report on Tuesday, September 21st. Finally, JPMorgan Chase & Co. increased their price objective on Globant from $284.00 to $340.00 and gave the stock an “overweight” rating in a report on Tuesday, August 17th.

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its position in Globant by 0.5% during the third quarter. BlackRock Inc. now owns 4,722,773 shares of the information technology services provider’s stock valued at $1,327,145,000 after purchasing an additional 25,597 shares during the last quarter. Wasatch Advisors Inc. boosted its position in Globant by 3.8% during the third quarter. Wasatch Advisors Inc. now owns 2,761,536 shares of the information technology services provider’s stock valued at $776,019,000 after purchasing an additional 100,456 shares during the last quarter. Morgan Stanley lifted its position in shares of Globant by 5.6% in the third quarter. Morgan Stanley now owns 1,692,905 shares of the information technology services provider’s stock valued at $475,723,000 after buying an additional 89,799 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Globant by 1.2% in the second quarter. JPMorgan Chase & Co. now owns 1,455,031 shares of the information technology services provider’s stock valued at $318,914,000 after buying an additional 16,714 shares during the last quarter. Finally, Sands Capital Management LLC lifted its position in shares of Globant by 2.4% in the third quarter. Sands Capital Management LLC now owns 1,225,906 shares of the information technology services provider’s stock valued at $344,492,000 after buying an additional 29,159 shares during the last quarter. 85.67% of the stock is owned by hedge funds and other institutional investors.

NYSE GLOB opened at $278.36 on Friday. The stock has a 50-day simple moving average of $305.92 and a 200 day simple moving average of $267.86. The company has a market capitalization of $11.14 billion, a PE ratio of 134.47 and a beta of 1.33. Globant has a 12 month low of $173.34 and a 12 month high of $354.62.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, November 18th. The information technology services provider reported $0.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.05. Globant had a return on equity of 10.67% and a net margin of 7.46%. The company had revenue of $341.83 million during the quarter, compared to the consensus estimate of $326.80 million. During the same period in the prior year, the company earned $0.43 earnings per share. The company’s revenue for the quarter was up 65.0% compared to the same quarter last year. On average, equities research analysts predict that Globant will post 2.73 EPS for the current year.

About Globant

Globant SA engages in the provision of information technology services. It offers application development and maintenance, testing, and infrastructure management. The company was founded by Martín Migoya, Martín Gonzalo Umaran, Guibert Andrés Englebienne, and Néstor Augusto Nocetti in 2003 and is headquartered in Luxembourg.

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Analyst Recommendations for Globant (NYSE:GLOB)

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