Globant (NYSE:GLOB) Given Neutral Rating at UBS Group

UBS Group reissued their neutral rating on shares of Globant (NYSE:GLOB) in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. They currently have a $235.00 price objective on the information technology services provider’s stock, up from their prior price objective of $225.00.

Other equities analysts have also recently issued reports about the stock. Canaccord Genuity Group dropped their price objective on shares of Globant from $230.00 to $175.00 and set a hold rating on the stock in a research note on Friday, May 17th. Citigroup upped their price target on shares of Globant from $215.00 to $220.00 and gave the stock a buy rating in a research note on Friday, July 12th. JPMorgan Chase & Co. upped their price target on shares of Globant from $218.00 to $226.00 and gave the stock an overweight rating in a research note on Friday, August 16th. KeyCorp upped their price target on shares of Globant from $220.00 to $235.00 and gave the stock an overweight rating in a research note on Friday, August 16th. Finally, StockNews.com cut shares of Globant from a hold rating to a sell rating in a research note on Tuesday, August 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of Hold and a consensus price target of $221.42.

Globant Stock Performance

Shares of GLOB opened at $203.12 on Tuesday. The stock has a market capitalization of $8.75 billion, a P/E ratio of 53.31, a P/E/G ratio of 1.98 and a beta of 1.41. The company’s fifty day moving average is $186.20 and its two-hundred day moving average is $191.49. Globant has a 1 year low of $151.68 and a 1 year high of $251.50.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.01. The company had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. Globant had a net margin of 7.62% and a return on equity of 11.60%. Globant’s revenue was up 18.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 EPS. Sell-side analysts predict that Globant will post 5 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cetera Investment Advisers lifted its holdings in Globant by 5.9% in the 2nd quarter. Cetera Investment Advisers now owns 21,327 shares of the information technology services provider’s stock valued at $3,802,000 after purchasing an additional 1,187 shares in the last quarter. Quarry LP lifted its holdings in Globant by 529.6% in the 2nd quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock valued at $30,000 after purchasing an additional 143 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Globant by 89.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock valued at $47,450,000 after purchasing an additional 126,030 shares in the last quarter. Millennium Management LLC lifted its holdings in Globant by 84.8% in the 2nd quarter. Millennium Management LLC now owns 261,270 shares of the information technology services provider’s stock valued at $46,574,000 after purchasing an additional 119,860 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp purchased a new position in Globant in the 2nd quarter valued at about $4,750,000. 91.60% of the stock is currently owned by hedge funds and other 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.