Globant (NYSE:GLOB) Upgraded by Itau BBA Securities to Hold Rating

Itau BBA Securities upgraded shares of Globant (NYSE:GLOB) to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

GLOB has been the topic of several other reports. Canaccord Genuity Group cut their target price on Globant from $50.00 to $40.00 and set a “hold” rating on the stock in a research report on Friday, May 15th. Wells Fargo & Company dropped their price target 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. Susquehanna cut their price objective on Globant from $90.00 to $78.00 and set a “positive” rating on the stock in a report on Friday, May 15th. UBS Group reduced their price objective on Globant from $75.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 5th. Finally, TD Cowen dropped their target price on shares of Globant from $59.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday. Seven equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Globant presently has a consensus rating of “Hold” and a consensus target price of $61.82.

Globant Stock Up 4.7%

Shares of NYSE:GLOB opened at $31.30 on Tuesday. The stock’s 50-day moving average price is $36.14 and its two-hundred day moving average price is $48.10. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.16. Globant has a 12-month low of $27.56 and a 12-month high of $94.35. The firm 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.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $601.65 million. During the same quarter in the previous year, the business earned $1.50 EPS. The firm’s revenue was down .7% on a year-over-year basis. On average, research analysts forecast that Globant will post 4.92 EPS for the current year.

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

Institutional Trading of Globant

Several large investors have recently bought and sold shares of GLOB. Maxi Investments CY Ltd acquired a new stake in Globant during the 4th quarter valued at $2,255,000. Principal Financial Group Inc. increased its position in shares of Globant by 340.3% during the fourth quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock worth $53,323,000 after acquiring an additional 630,440 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new position in shares of Globant in the fourth quarter worth about $5,095,000. Bank of Nova Scotia lifted its stake in shares of Globant by 9,602.6% in the third quarter. Bank of Nova Scotia now owns 378,400 shares of the information technology services provider’s stock worth $21,713,000 after acquiring an additional 374,500 shares in the last quarter. Finally, Circumference Group LLC purchased a new position in Globant in the third quarter valued at about $1,607,000. 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.