Globant (NYSE:GLOB) Given New $270.00 Price Target at HSBC

Globant (NYSE:GLOBFree Report) had its target price decreased by HSBC from $275.00 to $270.00 in a report released on Wednesday morning, Benzinga reports. HSBC currently has a buy rating on the information technology services provider’s stock.

GLOB has been the topic of several other research reports. Needham & Company LLC lifted their target price on shares of Globant from $215.00 to $275.00 and gave the stock a buy rating in a report on Friday, January 26th. JPMorgan Chase & Co. boosted their price objective on shares of Globant from $266.00 to $275.00 and gave the stock an overweight rating in a report on Wednesday, February 14th. Canaccord Genuity Group restated a hold rating and set a $230.00 price objective on shares of Globant in a report on Tuesday, February 20th. KeyCorp boosted their price objective on shares of Globant from $266.00 to $272.00 and gave the stock an overweight rating in a report on Friday, February 16th. Finally, Citigroup boosted their price objective on shares of Globant from $215.00 to $275.00 and gave the stock a buy rating in a report on Wednesday, January 17th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $246.59.

Check Out Our Latest Report on Globant

Globant Stock Performance

Globant stock opened at $198.68 on Wednesday. The company has a 50 day moving average price of $221.18 and a 200 day moving average price of $213.32. Globant has a 52 week low of $135.40 and a 52 week high of $251.50. The firm has a market capitalization of $8.56 billion, a price-to-earnings ratio of 54.73, a P/E/G ratio of 1.53 and a beta of 1.35.

Globant (NYSE:GLOBGet Free Report) last posted its quarterly earnings data on Thursday, February 15th. The information technology services provider reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.08). Globant had a return on equity of 11.38% and a net margin of 7.56%. The firm had revenue of $580.71 million during the quarter, compared to analyst estimates of $579.70 million. Equities analysts forecast that Globant will post 5.04 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Globant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. HighPoint Advisor Group LLC acquired a new position in Globant in the fourth quarter valued at about $450,000. Accent Capital Management LLC acquired a new position in Globant in the fourth quarter valued at about $29,000. Vanguard Group Inc. boosted its position in Globant by 6.3% in the fourth quarter. Vanguard Group Inc. now owns 104,072 shares of the information technology services provider’s stock valued at $24,767,000 after buying an additional 6,144 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Globant by 2.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 47,648 shares of the information technology services provider’s stock valued at $11,339,000 after buying an additional 950 shares in the last quarter. Finally, Virtu Financial LLC raised its stake in shares of Globant by 119.0% in the fourth quarter. Virtu Financial LLC now owns 2,803 shares of the information technology services provider’s stock worth $667,000 after acquiring an additional 1,523 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

About Globant

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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.

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