Guggenheim Reaffirms Buy Rating for Globant (NYSE:GLOB)

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

Other equities research analysts have also issued research reports about the stock. The Goldman Sachs Group lowered shares of Globant from a "buy" rating to a "neutral" rating and reduced their price target for the company from $225.00 to $120.00 in a research report on Friday, May 16th. Canaccord Genuity Group cut their target price on shares of Globant from $205.00 to $165.00 and set a "hold" rating for the company in a report on Monday, February 24th. Redburn Atlantic raised shares of Globant from a "sell" rating to a "neutral" rating and raised their target price for the company from $140.00 to $150.00 in a report on Tuesday, February 25th. JPMorgan Chase & Co. lowered their price target on Globant from $248.00 to $242.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Finally, Scotiabank lowered their price target on Globant from $170.00 to $140.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 29th. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $179.19.

Globant Price Performance

NYSE:GLOB traded down $2.13 during trading hours on Tuesday, hitting $101.15. The company had a trading volume of 913,886 shares, compared to its average volume of 703,252. The company has a market capitalization of $4.45 billion, a PE ratio of 27.19, a price-to-earnings-growth ratio of 2.38 and a beta of 1.24. The stock has a 50-day moving average price of $109.95 and a 200 day moving average price of $162.60. Globant has a 52 week low of $88.03 and a 52 week high of $238.32.

Globant (NYSE:GLOB - Get Free Report) last posted its quarterly earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.58 by ($0.08). The company had revenue of $611.09 million during the quarter, compared to analysts' expectations of $622.18 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. Globant's revenue for the quarter was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.53 EPS. Analysts anticipate that Globant will post 5.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Globant

A number of large investors have recently modified their holdings of GLOB. Congress Wealth Management LLC DE boosted its position in Globant by 2.9% in the fourth quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider's stock valued at $575,000 after buying an additional 76 shares during the last quarter. Signaturefd LLC boosted its position in Globant by 29.7% in the first quarter. Signaturefd LLC now owns 389 shares of the information technology services provider's stock valued at $46,000 after buying an additional 89 shares during the last quarter. Treasurer of the State of North Carolina boosted its position in Globant by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 18,490 shares of the information technology services provider's stock valued at $3,965,000 after buying an additional 110 shares during the last quarter. Blue Trust Inc. boosted its position in Globant by 23.6% in the first quarter. Blue Trust Inc. now owns 607 shares of the information technology services provider's stock valued at $71,000 after buying an additional 116 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Globant by 2.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,813 shares of the information technology services provider's stock worth $1,032,000 after purchasing an additional 118 shares during the period. Hedge funds and other 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.