Shares of Globant S.A. (NYSE:GLOB – Get Free Report) have earned an average rating of “Hold” from the eighteen ratings firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have assigned a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $64.8125.
A number of research analysts have commented on GLOB shares. TD Cowen lowered their target price on Globant from $74.00 to $72.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Canaccord Genuity Group dropped their price objective on Globant from $50.00 to $40.00 and set a “hold” rating on the stock in a report on Friday, May 15th. William Blair lowered shares of Globant from an “outperform” rating to a “market perform” rating in a research report on Tuesday. The Goldman Sachs Group reduced their target price on shares of Globant from $68.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, May 15th. Finally, Susquehanna decreased their target price on shares of Globant from $90.00 to $78.00 and set a “positive” rating for the company in a research report on Friday, May 15th.
Check Out Our Latest Stock Report on Globant
Globant Stock Up 3.5%
Globant (NYSE:GLOB – Get Free Report) last posted its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.50. Globant had a net margin of 4.46% and a return on equity of 9.87%. The business had revenue of $607.09 million during the quarter, compared to analyst estimates of $601.65 million. During the same period in the prior year, the firm earned $1.50 earnings per share. The firm’s revenue was down .7% compared to the same quarter last year. As a group, analysts expect that Globant will post 4.92 EPS for the current fiscal year.
Globant declared that its Board of Directors has authorized a share buyback plan on Monday, May 18th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
Institutional Trading of Globant
A number of institutional investors and hedge funds have recently modified their holdings of the company. Maxi Investments CY Ltd acquired a new position in shares of Globant during the 4th quarter worth about $2,255,000. Principal Financial Group Inc. raised its stake in Globant by 340.3% during the 4th quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock valued at $53,323,000 after purchasing an additional 630,440 shares during the last quarter. Citizens Financial Group Inc. RI bought a new stake in Globant in the 4th quarter valued at $5,095,000. Bank of Nova Scotia boosted its holdings in Globant by 9,602.6% in the 3rd quarter. Bank of Nova Scotia now owns 378,400 shares of the information technology services provider’s stock valued at $21,713,000 after purchasing an additional 374,500 shares during the period. Finally, Circumference Group LLC acquired a new stake in Globant in the 3rd quarter worth $1,607,000. 91.60% of the stock is currently owned by institutional investors and hedge funds.
About Globant
Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.
Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.
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