Globant (NYSE:GLOB) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Globant (NYSE:GLOB) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $99.00 price target on the information technology services provider’s stock.
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 commented on GLOB. Itau BBA Securities raised Globant from a market perform rating to an outperform rating and boosted their price objective for the stock from $74.00 to $113.00 in a research note on Friday, June 21st. Citigroup downgraded Globant from a buy rating to a neutral rating and boosted their price objective for the stock from $93.00 to $115.00 in a research note on Wednesday, July 17th. HSBC downgraded Globant from a hold rating to a reduce rating and boosted their price objective for the stock from $52.00 to $80.00 in a research note on Tuesday, September 10th. ValuEngine cut Globant from a strong-buy rating to a buy rating in a report on Tuesday, August 20th. Finally, William Blair restated a buy rating on shares of Globant in a report on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $88.09.
Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.41 by ($0.01). The company had revenue of $157.50 million during the quarter, compared to the consensus estimate of $157.50 million. Globant had a return on equity of 16.39% and a net margin of 9.09%. The company’s revenue for the quarter was up 23.0% on a year-over-year basis. During the same period last year, the business posted $0.40 EPS. On average, sell-side analysts predict that Globant will post 1.77 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of GLOB. Dimensional Fund Advisors LP grew its holdings in shares of Globant by 27.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 498,392 shares of the information technology services provider’s stock worth $28,070,000 after acquiring an additional 106,241 shares during the last quarter. Comerica Bank grew its holdings in shares of Globant by 19.2% in the 1st quarter. Comerica Bank now owns 25,634 shares of the information technology services provider’s stock worth $2,020,000 after acquiring an additional 4,133 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Globant by 1.3% in the 1st quarter. Victory Capital Management Inc. now owns 175,256 shares of the information technology services provider’s stock worth $12,513,000 after acquiring an additional 2,219 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in shares of Globant in the 1st quarter worth $341,000. Finally, US Bancorp DE grew its holdings in shares of Globant by 0.9% in the 1st quarter. US Bancorp DE now owns 15,817 shares of the information technology services provider’s stock worth $1,130,000 after acquiring an additional 137 shares during the last quarter. Institutional investors and hedge funds own 83.28% of the company’s stock.
Globant SA, a technology services company, provides services related to application development, testing, infrastructure management, and application maintenance worldwide. The company offers machine learning, pattern recognition, natural language understanding, future of organizations, customer insight, behavioral change, product innovation, design thinking, product management discovery and delivery, and product coaching services.
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