Globant (NYSE:GLOB) Raised to Hold at Itau BBA Securities

Globant (NYSE:GLOB) was upgraded by analysts at Itau BBA Securities to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other analysts have also recently issued reports on the company. Wells Fargo & Company lowered their target price on Globant from $57.00 to $50.00 and set an “equal weight” rating for the company in a research note on Friday, March 27th. William Blair lowered shares of Globant from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. TD Cowen reduced their price target on shares of Globant from $59.00 to $47.00 and set a “buy” rating for the company in a report on Thursday. Truist Financial lowered their price objective on shares of Globant from $54.00 to $44.00 and set a “hold” rating for the company in a research report on Friday, May 15th. Finally, Susquehanna dropped their price objective on shares of Globant from $90.00 to $78.00 and set a “positive” rating on the stock in a report on Friday, May 15th. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $61.82.

Globant Stock Up 4.7%

NYSE:GLOB opened at $31.30 on Tuesday. Globant has a 1 year low of $27.56 and a 1 year high of $94.35. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 12.72, a PEG ratio of 1.10 and a beta of 1.06. The stock has a 50-day moving average price of $36.14 and a two-hundred day moving average price of $48.10.

Globant (NYSE:GLOB) last released its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, hitting analysts’ consensus estimates of $1.50. Globant had a return on equity of 9.87% and a net margin of 4.46%.The company had revenue of $607.09 million for the quarter, compared to analyst estimates of $601.65 million. During the same quarter last year, the firm posted $1.50 earnings per share. Globant’s revenue was down .7% compared to the same quarter last year. As a group, equities analysts expect that Globant will post 4.92 earnings per share for the current year.

Globant announced that its board has approved a stock buyback plan on Monday, May 18th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Globant

Several hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Globant in the first quarter worth $447,000. Goldman Sachs Group Inc. boosted its holdings in Globant by 69.3% during the first quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider’s stock worth $8,739,000 after purchasing an additional 30,386 shares during the last quarter. First Trust Advisors LP grew its position in Globant by 61.9% in the second quarter. First Trust Advisors LP now owns 102,280 shares of the information technology services provider’s stock valued at $9,291,000 after purchasing an additional 39,122 shares in the last quarter. Marshall Wace LLP grew its position in Globant by 823.2% in the second quarter. Marshall Wace LLP now owns 105,894 shares of the information technology services provider’s stock valued at $9,619,000 after purchasing an additional 94,424 shares in the last quarter. Finally, Amundi increased its stake in Globant by 192.7% in the 2nd quarter. Amundi now owns 7,970 shares of the information technology services provider’s stock valued at $727,000 after buying an additional 5,247 shares during the last quarter. 91.60% of the stock is owned by institutional investors.

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.