Globant (NYSE:GLOB) Given New $265.00 Price Target at Needham & Company LLC

Globant (NYSE:GLOB) had its price objective upped by stock analysts at Needham & Company LLC from $245.00 to $265.00 in a report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 31.40% from the company’s current price.

Several other research firms have also weighed in on GLOB. Jefferies Financial Group upped their price objective on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Canaccord Genuity Group upped their price target on Globant from $175.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. TD Cowen increased their price objective on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday. StockNews.com upgraded shares of Globant from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Finally, Piper Sandler dropped their target price on shares of Globant from $240.00 to $237.00 and set an “overweight” rating for the company in a research report on Friday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $228.50.

Globant Price Performance

Shares of NYSE GLOB traded down $27.12 during trading hours on Friday, reaching $201.67. The stock had a trading volume of 855,126 shares, compared to its average volume of 481,193. The company has a market cap of $8.69 billion, a price-to-earnings ratio of 52.66, a PEG ratio of 2.91 and a beta of 1.39. Globant has a twelve month low of $151.68 and a twelve month high of $251.50. The business’s fifty day moving average is $208.82 and its two-hundred day moving average is $190.87.

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

Institutional Investors Weigh In On Globant

Several institutional investors have recently added to or reduced their stakes in GLOB. Stifel Financial Corp boosted its holdings in Globant by 0.7% during the third quarter. Stifel Financial Corp now owns 42,529 shares of the information technology services provider’s stock worth $8,427,000 after purchasing an additional 282 shares during the last quarter. Quantinno Capital Management LP boosted its stake in shares of Globant by 14.0% during the 3rd quarter. Quantinno Capital Management LP now owns 1,502 shares of the information technology services provider’s stock worth $298,000 after buying an additional 185 shares during the last quarter. IHT Wealth Management LLC grew its holdings in shares of Globant by 66.4% in the 3rd quarter. IHT Wealth Management LLC now owns 5,360 shares of the information technology services provider’s stock valued at $1,059,000 after acquiring an additional 2,138 shares in the last quarter. Janus Henderson Group PLC increased its position in shares of Globant by 27.5% in the third quarter. Janus Henderson Group PLC now owns 40,586 shares of the information technology services provider’s stock valued at $8,039,000 after acquiring an additional 8,743 shares during the last quarter. Finally, Centiva Capital LP acquired a new position in Globant during the third quarter valued at approximately $885,000. 91.60% of the stock is owned by 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.