Globant’s (GLOB) “Buy” Rating Reiterated at Needham & Company LLC

Globant (NYSE:GLOB)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a report released on Friday,Benzinga reports. They presently have a $265.00 target price on the information technology services provider’s stock. Needham & Company LLC’s price target indicates a potential upside of 27.44% from the stock’s current price.

Other research analysts have also issued research reports about the stock. StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. Scotiabank raised their price objective on Globant from $210.00 to $220.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. TD Cowen boosted their target price on Globant from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Canaccord Genuity Group reiterated a “hold” rating and set a $205.00 price objective on shares of Globant in a report on Monday, November 18th. Finally, Citigroup raised their target price on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Globant has an average rating of “Moderate Buy” and a consensus target price of $231.28.

Globant Stock Up 0.4 %

GLOB stock opened at $207.95 on Friday. Globant has a twelve month low of $151.68 and a twelve month high of $251.50. The business’s fifty day moving average is $218.70 and its 200-day moving average is $207.59. The company has a market cap of $8.96 billion, a P/E ratio of 54.29, a price-to-earnings-growth ratio of 2.26 and a beta of 1.38.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GLOB. Wasatch Advisors LP grew its stake in shares of Globant by 2.6% in the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock valued at $689,553,000 after buying an additional 88,829 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Globant by 6.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,368,608 shares of the information technology services provider’s stock valued at $469,316,000 after acquiring an additional 153,385 shares during the period. Victory Capital Management Inc. increased its stake in shares of 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. Dimensional Fund Advisors LP lifted its stake in Globant by 57.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after purchasing an additional 161,512 shares during the last quarter. Finally, Clearbridge Investments LLC grew its holdings in Globant by 28.4% during the second quarter. Clearbridge Investments LLC now owns 339,790 shares of the information technology services provider’s stock worth $60,571,000 after purchasing an additional 75,192 shares during the period. Institutional investors and hedge funds own 91.60% of the company’s stock.

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.