Zacks Investment Research lowered shares of Globant S.A. (NYSE:GLOB) from a hold rating to a strong sell rating in a research note released on Wednesday morning.

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. “

GLOB has been the topic of several other research reports. Cowen Inc reiterated a buy rating and issued a $50.00 price target on shares of Globant in a research note on Thursday, October 12th. BidaskClub lowered Globant from a buy rating to a hold rating in a research note on Wednesday, October 25th. Wedbush reiterated an outperform rating and issued a $48.00 price target on shares of Globant in a research note on Saturday, October 14th. Cantor Fitzgerald reiterated a neutral rating and issued a $42.00 price target (up previously from $36.00) on shares of Globant in a research note on Friday, August 18th. Finally, SunTrust Banks, Inc. lowered Globant from a buy rating to a hold rating and lifted their price target for the company from $43.00 to $48.00 in a research note on Thursday, July 27th. They noted that the move was a valuation call. Two 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 company’s stock. Globant presently has an average rating of Hold and a consensus target price of $44.83.

Globant (NYSE GLOB) opened at $41.44 on Wednesday. Globant has a 52 week low of $30.90 and a 52 week high of $47.51. The stock has a market capitalization of $1,454.54, a price-to-earnings ratio of 48.19 and a beta of 0.83.

A number of hedge funds have recently modified their holdings of GLOB. Teachers Advisors LLC grew its position in Globant by 6.2% during the 1st quarter. Teachers Advisors LLC now owns 43,970 shares of the information technology services provider’s stock worth $1,601,000 after acquiring an additional 2,578 shares during the last quarter. Geode Capital Management LLC grew its position in Globant by 13.7% during the 1st quarter. Geode Capital Management LLC now owns 42,388 shares of the information technology services provider’s stock worth $1,542,000 after acquiring an additional 5,118 shares during the last quarter. UBS Group AG grew its position in Globant by 11.4% during the 1st quarter. UBS Group AG now owns 12,786 shares of the information technology services provider’s stock worth $466,000 after acquiring an additional 1,311 shares during the last quarter. Schwab Charles Investment Management Inc. grew its position in Globant by 0.3% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 39,851 shares of the information technology services provider’s stock worth $1,451,000 after acquiring an additional 100 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Globant by 34.5% during the 1st quarter. Bank of America Corp DE now owns 5,153 shares of the information technology services provider’s stock worth $188,000 after acquiring an additional 1,321 shares during the last quarter. Institutional investors and hedge funds own 64.74% of the company’s stock.

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Globant Company Profile

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.

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