Globant (NYSE:GLOB) Updates FY 2024 Earnings Guidance

Globant (NYSE:GLOB) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 6.370-6.430 for the period, compared to the consensus estimate of 6.400. The company issued revenue guidance of $2.4 billion-$2.4 billion, compared to the consensus revenue estimate of $2.4 billion. Globant also updated its Q4 guidance to $1.71-1.75 EPS.

Globant Stock Down 3.5 %

Shares of GLOB traded down $8.31 during trading hours on Thursday, hitting $228.52. 671,986 shares of the company were exchanged, compared to its average volume of 479,748. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 61.83, a P/E/G ratio of 2.89 and a beta of 1.39. The firm’s fifty day moving average is $208.23 and its 200 day moving average is $190.61. Globant has a fifty-two week low of $151.68 and a fifty-two week high of $251.50.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The business had revenue of $587.46 million during the quarter, compared to the consensus estimate of $586.72 million. Globant had a return on equity of 11.68% and a net margin of 7.39%. Globant’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.04 earnings per share. Analysts anticipate that Globant will post 5.06 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on GLOB shares. JPMorgan Chase & Co. boosted their price target on Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Canaccord Genuity Group boosted their price target on Globant from $175.00 to $205.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price (up from $238.00) on shares of Globant in a research report on Friday, August 16th. Jefferies Financial Group increased their price target on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research report on Monday, September 9th. Finally, Scotiabank upped their price objective on Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Globant currently has a consensus rating of “Moderate Buy” and a consensus price target of $227.00.

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.