Globant S.A. (NYSE:GLOB) Given Average Rating of “Hold” by Brokerages

Globant S.A. (NYSE:GLOB) has earned a consensus recommendation of “Hold” from the eighteen research firms that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, nine have given a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $64.8125.

A number of equities research analysts recently issued reports on GLOB shares. UBS Group dropped their target price on Globant from $75.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Susquehanna dropped their target price on Globant from $90.00 to $78.00 and set a “positive” rating on the stock in a research report on Friday, May 15th. Mizuho lowered their price target on Globant from $91.00 to $76.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Guggenheim lowered their price target on Globant from $80.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Finally, JPMorgan Chase & Co. lowered their price target on Globant from $75.00 to $68.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 18th.

Institutional Trading of Globant

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its position in shares of 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 worth $10,630,000 after buying an additional 40,024 shares during the last quarter. ING Groep NV bought a new stake in shares of Globant during the 3rd quarter worth $8,657,000. Maxi Investments CY Ltd bought a new stake in shares of Globant during the 4th quarter worth $2,255,000. Border to Coast Pensions Partnership Ltd lifted its position in shares of Globant by 38.3% during 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% during 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. 91.60% of the stock is owned by institutional investors.

Globant Trading Up 0.1%

NYSE:GLOB opened at $38.35 on Wednesday. Globant has a fifty-two week low of $32.50 and a fifty-two week high of $105.43. 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 stock has a market capitalization of $1.68 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 1.40 and a beta of 1.02. The business’s 50-day simple moving average is $42.73 and its 200-day simple moving average is $53.72.

Globant (NYSE:GLOB) last released its quarterly earnings data on Friday, May 15th. The information technology services provider reported $1.50 earnings per share 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 business had revenue of $607.09 million for the quarter, compared to analysts’ expectations of $601.66 million. During the same quarter in the previous year, the business posted $1.50 EPS. Globant’s revenue for the quarter was down .7% on a year-over-year basis. Sell-side analysts expect that Globant will post 4.93 earnings per share for the current fiscal year.

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