Globant (NYSE:GLOB) Upgraded by Scotiabank to "Sector Outperform" Rating

Globant (NYSE:GLOB - Get Free Report) was upgraded by stock analysts at Scotiabank from a "sector perform" rating to a "sector outperform" rating in a report issued on Monday,Benzinga reports. The brokerage currently has a $115.00 price target on the information technology services provider's stock. Scotiabank's target price suggests a potential upside of 36.45% from the company's current price.

Several other equities analysts have also recently weighed in on the company. Susquehanna reduced their price target on Globant from $225.00 to $160.00 and set a "positive" rating for the company in a research report on Wednesday, April 23rd. Piper Sandler cut Globant from an "overweight" rating to a "neutral" rating and reduced their price target for the company from $154.00 to $116.00 in a research report on Friday, May 16th. Wall Street Zen upgraded Globant from a "sell" rating to a "hold" rating in a research report on Monday, May 19th. Canaccord Genuity Group restated a "hold" rating and set a $97.00 target price (down from $165.00) on shares of Globant in a research report on Thursday, June 26th. Finally, Mizuho set a $153.00 target price on Globant and gave the stock an "outperform" rating in a research report on Monday, May 19th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $165.69.

Globant Price Performance

Globant stock opened at $84.28 on Monday. Globant has a 12 month low of $82.39 and a 12 month high of $238.32. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.71 billion, a PE ratio of 24.93, a P/E/G ratio of 2.98 and a beta of 1.20. The stock has a 50-day moving average price of $97.66 and a two-hundred day moving average price of $136.77.

Globant (NYSE:GLOB - Get Free Report) last released its earnings results on Thursday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.08). Globant had a return on equity of 11.08% and a net margin of 6.16%. The business had revenue of $611.09 million for the quarter, compared to analyst estimates of $622.18 million. During the same period in the prior year, the business earned $1.53 EPS. The company's revenue for the quarter was up 7.0% on a year-over-year basis. Analysts expect that Globant will post 5.73 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. HighTower Advisors LLC grew its stake in shares of Globant by 13.3% in the 4th quarter. HighTower Advisors LLC now owns 6,483 shares of the information technology services provider's stock worth $1,390,000 after buying an additional 759 shares during the last quarter. Xponance Inc. grew its stake in shares of Globant by 6.9% in the 4th quarter. Xponance Inc. now owns 4,720 shares of the information technology services provider's stock worth $1,012,000 after buying an additional 303 shares during the last quarter. American Century Companies Inc. grew its stake in shares of Globant by 7.7% in the 4th quarter. American Century Companies Inc. now owns 237,229 shares of the information technology services provider's stock worth $50,867,000 after buying an additional 16,926 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Globant by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 115,147 shares of the information technology services provider's stock worth $24,690,000 after buying an additional 2,744 shares during the last quarter. Finally, Congress Wealth Management LLC DE grew its stake in shares of Globant by 2.9% in the 4th quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider's stock worth $575,000 after buying an additional 76 shares during the last quarter. Institutional investors 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.

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