Zacks Investment Research Upgrades Globant (GLOB) to Buy

Zacks Investment Research upgraded shares of Globant (NYSE:GLOB) from a hold rating to a buy rating in a research report released on Tuesday morning, Zacks.com reports. The brokerage currently has $90.00 target price 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. “

Several other equities research analysts also recently issued reports on the company. Cantor Fitzgerald reissued a hold rating and issued a $67.00 price objective on shares of Globant in a research note on Friday, February 15th. ValuEngine raised Globant from a buy rating to a strong-buy rating in a research note on Monday, February 4th. SunTrust Banks increased their price objective on Globant to $75.00 and gave the stock a buy rating in a research note on Tuesday, January 29th. Wedbush raised their price target on Globant from $65.00 to $75.00 and gave the stock an outperform rating in a research note on Wednesday, February 13th. Finally, Itau BBA Securities downgraded Globant from an outperform rating to a market perform rating in a research note on Friday, February 15th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus target price of $70.56.

Shares of Globant stock opened at $80.97 on Tuesday. The stock has a market capitalization of $2.98 billion, a P/E ratio of 58.25 and a beta of 0.94. Globant has a 1 year low of $43.29 and a 1 year high of $82.93.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, February 14th. The information technology services provider reported $0.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.02. The firm had revenue of $140.14 million during the quarter, compared to the consensus estimate of $139.32 million. Globant had a return on equity of 16.40% and a net margin of 9.89%. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.39 EPS. As a group, analysts predict that Globant will post 1.72 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the company. Claybrook Capital LLC purchased a new stake in shares of Globant during the 4th quarter worth about $26,000. Daiwa Securities Group Inc. purchased a new stake in shares of Globant during the 4th quarter worth about $28,000. We Are One Seven LLC purchased a new stake in shares of Globant during the 4th quarter worth about $118,000. Caxton Associates LP purchased a new stake in shares of Globant during the 3rd quarter worth about $217,000. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Globant during the 4th quarter worth about $227,000. 79.38% of the stock is owned by institutional investors.

Globant Company Profile

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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