Globant S.A. (NYSE:GLOB) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday.

According to Zacks, “Globant S.A. is a technology services provider. The Company provides engineering, design, and innovation services for clients. Globant offers content management systems; and e-commerce applications. It is also involved in the provision of data management solutions; and quality assurance engagement strategy, mobile testing, test automation, load and performance testing, and game testing services. It provides various software solutions primarily in North America, Europe, Latin America, and internationally. Globant S.A. is based in Luxembourg. “

A number of other research firms also recently weighed in on GLOB. KeyCorp reiterated a “hold” rating on shares of Globant in a research report on Thursday, September 28th. BidaskClub upgraded shares of Globant from a “hold” rating to a “buy” rating in a research report on Thursday, October 5th. Cowen Inc reiterated a “buy” rating and issued a $50.00 price target on shares of Globant in a research report on Thursday, October 12th. SunTrust Banks, Inc. reiterated a “hold” rating on shares of Globant in a research report on Sunday, October 22nd. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $36.00 price target (down from $42.00) on shares of Globant in a research report on Friday, November 17th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Globant has a consensus rating of “Hold” and a consensus target price of $44.83.

Shares of Globant (NYSE GLOB) opened at $40.25 on Wednesday. The stock has a market cap of $1,430.32, a P/E ratio of 47.38 and a beta of 0.83. Globant has a 1 year low of $30.90 and a 1 year high of $47.51.

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Institutional investors and hedge funds have recently made changes to their positions in the business. Citigroup Inc. raised its position in Globant by 146.7% during the second quarter. Citigroup Inc. now owns 5,353 shares of the information technology services provider’s stock valued at $233,000 after purchasing an additional 3,183 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in Globant by 0.3% during the first quarter. Schwab Charles Investment Management Inc. now owns 39,851 shares of the information technology services provider’s stock valued at $1,451,000 after purchasing an additional 100 shares in the last quarter. Aberdeen Asset Management PLC UK raised its position in Globant by 4.8% during the second quarter. Aberdeen Asset Management PLC UK now owns 197,577 shares of the information technology services provider’s stock valued at $8,583,000 after purchasing an additional 9,000 shares in the last quarter. Teachers Advisors LLC raised its position in Globant by 6.2% during the first quarter. Teachers Advisors LLC now owns 43,970 shares of the information technology services provider’s stock valued at $1,601,000 after purchasing an additional 2,578 shares in the last quarter. Finally, Grandeur Peak Global Advisors LLC raised its position in Globant by 0.8% during the second quarter. Grandeur Peak Global Advisors LLC now owns 521,025 shares of the information technology services provider’s stock valued at $22,633,000 after purchasing an additional 3,975 shares in the last quarter. Institutional investors and hedge funds own 64.74% of the company’s stock.

About Globant

Globant SA is a digitally native technology services company. The Company’s principal operating subsidiary is based in Buenos Aires, Argentina. During the year ended December 31, 2015, 83.7% of its revenues were generated by clients in North America, 11.0% in Latin America and Asia, and 5.3% in Europe.

Analyst Recommendations for Globant (NYSE:GLOB)

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