Globant S.A. (NYSE:GLOB – Get Free Report)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $32.12, but opened at $30.34. Globant shares last traded at $31.75, with a volume of 191,371 shares traded.
Analyst Upgrades and Downgrades
A number of research analysts have issued reports on the stock. Needham & Company LLC decreased their price target on shares of Globant from $60.00 to $50.00 and set a “buy” rating for the company in a report on Friday, May 15th. The Goldman Sachs Group lowered their price objective 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. William Blair lowered shares of Globant from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Wells Fargo & Company cut their target price on Globant from $50.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Friday. Finally, Itau BBA Securities lowered Globant from an “outperform” rating to a “market perform” rating and set a $39.00 target price for the company. in a research note on Wednesday, July 8th. Seven equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Globant has an average rating of “Hold” and an average price target of $58.18.
View Our Latest Analysis on Globant
Globant Trading Down 1.5%
Globant (NYSE:GLOB – Get Free Report) last issued its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, hitting the consensus estimate of $1.50. Globant had a net margin of 4.46% and a return on equity of 9.87%. The company had revenue of $607.09 million for the quarter, compared to the consensus estimate of $601.65 million. During the same quarter in the prior year, the company earned $1.50 EPS. Globant’s quarterly revenue was down .7% on a year-over-year basis. As a group, sell-side analysts anticipate that Globant S.A. will post 4.91 earnings per share for the current year.
Globant announced that its board has approved a stock repurchase plan on Monday, May 18th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to purchase up to 2.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
Institutional Trading of Globant
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC raised its holdings in shares of Globant by 34.3% during the fourth quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock worth $47,000 after purchasing an additional 182 shares during the last quarter. Signaturefd LLC boosted its holdings in Globant by 65.1% in the fourth quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 190 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in Globant by 7.2% in the fourth quarter. Sanctuary Advisors LLC now owns 3,801 shares of the information technology services provider’s stock valued at $248,000 after purchasing an additional 255 shares during the last quarter. CWM LLC boosted its holdings in Globant by 33.7% in the fourth quarter. CWM LLC now owns 1,151 shares of the information technology services provider’s stock valued at $75,000 after purchasing an additional 290 shares during the last quarter. Finally, Parallel Advisors LLC grew its position in Globant by 27.1% during the 1st quarter. Parallel Advisors LLC now owns 1,735 shares of the information technology services provider’s stock worth $80,000 after purchasing an additional 370 shares during the period. Institutional investors and hedge funds own 91.60% of the company’s stock.
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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