Globant (NYSE:GLOB) Receives Hold Rating from Canaccord Genuity Group

Globant (NYSE:GLOB - Get Free Report)'s stock had its "hold" rating reissued by stock analysts at Canaccord Genuity Group in a research note issued on Thursday,Benzinga reports. They presently have a $97.00 target price on the information technology services provider's stock, down from their previous target price of $165.00. Canaccord Genuity Group's target price would indicate a potential upside of 9.11% from the company's previous close.

Other research analysts also recently issued research reports about the stock. Mizuho set a $153.00 target price on shares of Globant and gave the company an "outperform" rating in a research report on Monday, May 19th. Scotiabank dropped their price objective on shares of Globant from $170.00 to $140.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 29th. Guggenheim restated a "buy" rating and issued a $125.00 target price on shares of Globant in a research note on Tuesday, June 10th. Wall Street Zen raised Globant from a "sell" rating to a "hold" rating in a research note on Monday, May 19th. Finally, Needham & Company LLC lowered their target price on shares of Globant from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $174.94.

Globant Stock Performance

Shares of GLOB stock opened at $88.90 on Thursday. The stock has a market capitalization of $3.91 billion, a PE ratio of 26.30, a PEG ratio of 1.76 and a beta of 1.24. The business's 50 day simple moving average is $107.06 and its 200 day simple moving average is $153.21. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.56 and a quick ratio of 1.56. Globant has a one year low of $86.02 and a one year high of $238.32.

Globant (NYSE:GLOB - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.08). The firm had revenue of $611.09 million for the quarter, compared to analyst estimates of $622.18 million. Globant had a return on equity of 11.08% and a net margin of 6.16%. The company's quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.53 earnings per share. As a group, research analysts forecast that Globant will post 5.73 earnings per share for the current year.

Institutional Investors Weigh In On Globant

Hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its holdings in Globant by 8.6% during the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider's stock worth $551,506,000 after buying an additional 203,472 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Globant by 6.2% in the 1st quarter. Victory Capital Management Inc. now owns 1,704,973 shares of the information technology services provider's stock worth $200,709,000 after purchasing an additional 98,863 shares during the period. Capital International Investors lifted its stake in Globant by 13.1% in the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider's stock valued at $364,723,000 after purchasing an additional 197,064 shares during the last quarter. Royal Bank of Canada grew its holdings in Globant by 293.5% during the first quarter. Royal Bank of Canada now owns 999,955 shares of the information technology services provider's stock valued at $117,716,000 after purchasing an additional 745,848 shares during the period. Finally, Invesco Ltd. increased its position in Globant by 764.3% in the first quarter. Invesco Ltd. now owns 945,215 shares of the information technology services provider's stock worth $111,271,000 after buying an additional 835,859 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors.

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.

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