Redburn Atlantic Upgrades Globant (NYSE:GLOB) to “Neutral”

Globant (NYSE:GLOB) was upgraded by research analysts at Redburn Atlantic from a “sell” rating to a “neutral” rating in a research report issued on Tuesday, MarketBeat.com reports. The firm presently has a $150.00 target price on the information technology services provider’s stock, up from their previous target price of $140.00. Redburn Atlantic’s target price suggests a potential downside of 2.62% from the company’s previous close.

Several other research firms have also issued reports on GLOB. Needham & Company LLC decreased their price target on shares of Globant from $265.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday. TD Cowen boosted their target price on shares of Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Piper Sandler dropped their price target on shares of Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a research note on Friday. Scotiabank decreased their price objective on shares of Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a report on Monday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a report on Friday. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $222.89.

Globant Stock Performance

Shares of NYSE:GLOB opened at $154.03 on Tuesday. The stock has a market capitalization of $6.64 billion, a price-to-earnings ratio of 41.41, a PEG ratio of 2.38 and a beta of 1.39. Globant has a 1-year low of $151.38 and a 1-year high of $238.32. The company has a 50 day moving average price of $214.07 and a 200 day moving average price of $210.96.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). Globant had a return on equity of 11.83% and a net margin of 6.86%. The business had revenue of $642.48 million for the quarter, compared to the consensus estimate of $644.42 million. On average, sell-side analysts expect 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 made changes to their positions in GLOB. Victory Capital Management Inc. lifted its position in shares of Globant by 1,817.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after buying an additional 1,431,112 shares in the last quarter. GQG Partners LLC bought a new position in shares of Globant during the 4th quarter valued at approximately $84,906,000. Canada Pension Plan Investment Board bought a new position in shares of Globant during the 4th quarter valued at approximately $60,913,000. JPMorgan Chase & Co. grew its position in Globant by 8.6% in the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after acquiring an additional 203,472 shares during the last quarter. Finally, Capital International Investors grew its position in Globant by 13.1% in the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock valued at $364,723,000 after acquiring an additional 197,064 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors.

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.