Guggenheim Reaffirms Buy Rating for Globant (NYSE:GLOB)

Guggenheim reiterated their buy rating on shares of Globant (NYSE:GLOB - Free Report) in a report issued on Tuesday,Benzinga reports. Guggenheim currently has a $125.00 price objective on the information technology services provider's stock.

GLOB has been the topic of a number of other reports. UBS Group dropped their target price on shares of Globant from $217.00 to $190.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 26th. The Goldman Sachs Group cut shares of Globant from a "buy" rating to a "neutral" rating and dropped their price target for the company from $225.00 to $120.00 in a research note on Friday, May 16th. Canaccord Genuity Group dropped their price target on shares of Globant from $205.00 to $165.00 and set a "hold" rating on the stock in a research note on Monday, February 24th. Needham & Company LLC dropped their price target on shares of Globant from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Friday, May 16th. Finally, Susquehanna dropped their price target on shares of Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a research note on Wednesday, April 23rd. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $179.19.

Globant Stock Down 4.4%

NYSE:GLOB traded down $4.32 during trading hours on Tuesday, hitting $93.92. 1,333,999 shares of the company traded hands, compared to its average volume of 705,327. The company has a market cap of $4.14 billion, a PE ratio of 25.25, a PEG ratio of 2.38 and a beta of 1.24. The firm's 50-day simple moving average is $109.79 and its 200-day simple moving average is $160.74. Globant has a one year low of $88.03 and a one year high of $238.32.

Globant (NYSE:GLOB - Get Free Report) last released its quarterly earnings results 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). Globant had a return on equity of 11.83% and a net margin of 6.86%. The firm had revenue of $611.09 million for the quarter, compared to analysts' expectations of $622.18 million. During the same quarter last year, the firm posted $1.53 earnings per share. The firm's revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, equities research analysts expect that Globant will post 5.73 EPS for the current year.

Hedge Funds Weigh In On Globant

Large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. grew its holdings in shares of 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 valued at $551,506,000 after buying an additional 203,472 shares during the last quarter. Victory Capital Management Inc. raised its position in shares of Globant by 6.2% in the first quarter. Victory Capital Management Inc. now owns 1,704,973 shares of the information technology services provider's stock worth $200,709,000 after acquiring an additional 98,863 shares during the period. Capital International Investors raised its position in shares of 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 worth $364,723,000 after acquiring an additional 197,064 shares during the period. Royal Bank of Canada raised its position in shares of Globant by 293.5% in the first quarter. Royal Bank of Canada now owns 999,955 shares of the information technology services provider's stock worth $117,716,000 after acquiring an additional 745,848 shares during the period. Finally, Invesco Ltd. raised its position in shares of 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 acquiring an additional 835,859 shares during the period. Institutional investors 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.