Globant S.A. (NYSE:GLOB) Receives $64.81 Consensus Target Price from Brokerages

Globant S.A. (NYSE:GLOB) has been given an average recommendation of “Hold” by the eighteen research firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, nine have issued a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $64.8125.

Several equities analysts recently commented on the stock. Guggenheim dropped their price target on shares of Globant from $80.00 to $65.00 and set a “buy” rating for the company in a research report on Monday, February 23rd. UBS Group dropped their price target on shares of Globant from $75.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, May 5th. The Goldman Sachs Group dropped their price target on shares of Globant from $68.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, May 15th. Susquehanna dropped their price objective 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. Finally, Mizuho dropped their price objective on shares of Globant from $91.00 to $76.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd.

Institutional Investors Weigh In On Globant

Several large investors have recently made changes to their positions in GLOB. Principal Financial Group Inc. boosted its stake in Globant by 27.6% during the 3rd quarter. Principal Financial Group Inc. now owns 185,263 shares of the information technology services provider’s stock valued at $10,630,000 after acquiring an additional 40,024 shares during the last quarter. ING Groep NV bought a new position in shares of Globant in the 3rd quarter worth about $8,657,000. Maxi Investments CY Ltd bought a new position in shares of Globant in the 4th quarter worth about $2,255,000. Border to Coast Pensions Partnership Ltd lifted its position in shares of Globant by 38.3% in the 3rd quarter. Border to Coast Pensions Partnership Ltd now owns 214,167 shares of the information technology services provider’s stock worth $12,289,000 after buying an additional 59,330 shares during the last quarter. Finally, Citigroup Inc. lifted its position in shares of Globant by 106.7% in the 3rd quarter. Citigroup Inc. now owns 324,199 shares of the information technology services provider’s stock worth $18,603,000 after buying an additional 167,341 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Stock Down 3.1%

Shares of NYSE GLOB opened at $38.35 on Wednesday. Globant has a 12-month low of $32.50 and a 12-month high of $105.43. The company has a market capitalization of $1.68 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 1.45 and a beta of 1.02. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.82 and a quick ratio of 1.82. The firm’s 50-day moving average is $42.73 and its two-hundred day moving average is $53.75.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.50. The business had revenue of $607.09 million for the quarter, compared to the consensus estimate of $601.66 million. Globant had a net margin of 4.46% and a return on equity of 9.87%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.50 earnings per share. Equities analysts anticipate that Globant will post 4.93 EPS for the current fiscal year.

Globant announced that its board has initiated a stock repurchase program on Monday, May 18th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the information technology services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

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.