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 note issued to investors on Wednesday, Zacks.com reports. They currently have $103.00 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. “

Several other analysts also recently weighed in on the stock. Cowen set a $116.00 price target on shares of Globant and gave the stock a buy rating in a research note on Friday, August 16th. Citigroup downgraded shares of Globant from a buy rating to a neutral rating and boosted their price target for the stock from $93.00 to $115.00 in a research note on Wednesday, July 17th. Itau BBA Securities raised shares of Globant from a market perform rating to an outperform rating and boosted their price target for the stock from $74.00 to $113.00 in a research note on Friday, June 21st. Wedbush reissued an outperform rating and issued a $90.00 price target (up from $75.00) on shares of Globant in a research note on Wednesday, May 8th. Finally, ValuEngine downgraded shares of Globant from a strong-buy rating to a buy rating in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus price target of $89.30.

Shares of NYSE:GLOB opened at $95.30 on Wednesday. Globant has a 52-week low of $46.30 and a 52-week high of $112.33. The firm has a fifty day moving average of $104.82 and a 200 day moving average of $87.29. The firm has a market capitalization of $3.41 billion, a PE ratio of 60.02 and a beta of 0.84. The company has a debt-to-equity ratio of 0.14, a quick ratio of 2.29 and a current ratio of 2.26.

Globant (NYSE:GLOB) last announced its 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). Globant had a return on equity of 16.39% and a net margin of 9.09%. The company had revenue of $157.50 million during the quarter, compared to analysts’ expectations of $157.50 million. During the same quarter last year, the firm posted $0.40 earnings per share. The firm’s revenue was up 23.0% on a year-over-year basis. On average, sell-side analysts forecast that Globant will post 1.77 EPS for the current fiscal year.

Several large investors have recently modified their holdings of the company. Bollard Group LLC bought a new position in Globant in the first quarter worth about $29,000. FTB Advisors Inc. raised its stake in Globant by 42.4% in the second quarter. FTB Advisors Inc. now owns 373 shares of the information technology services provider’s stock worth $37,000 after buying an additional 111 shares in the last quarter. Icon Wealth Partners LLC bought a new position in Globant in the first quarter worth about $42,000. Cutler Group LP bought a new position in Globant in the first quarter worth about $128,000. Finally, Quantamental Technologies LLC bought a new position in Globant in the first quarter worth about $150,000. 85.25% of the stock is owned by hedge funds and other 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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