Zacks Investment Research Lowers Globant (NYSE:GLOB) to Hold

Globant (NYSE:GLOB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

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 commented on the stock. HSBC downgraded shares of Globant from a “hold” rating to a “reduce” rating and lifted their target price for the stock from $52.00 to $80.00 in a research report on Tuesday, September 10th. ValuEngine downgraded shares of Globant from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Cowen set a $116.00 target price on shares of Globant and gave the stock a “buy” rating in a research report on Friday, August 16th. Finally, William Blair reiterated a “buy” rating on shares of Globant in a research report on Friday, August 16th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Globant currently has a consensus rating of “Hold” and a consensus price target of $94.11.

NYSE:GLOB traded down $1.33 during mid-day trading on Tuesday, hitting $100.51. 172,866 shares of the company’s stock were exchanged, compared to its average volume of 294,486. The company has a 50 day simple moving average of $98.83 and a 200-day simple moving average of $98.48. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.15. Globant has a fifty-two week low of $50.91 and a fifty-two week high of $112.33. The firm has a market capitalization of $3.76 billion, a P/E ratio of 72.31 and a beta of 0.95.

Globant (NYSE:GLOB) last posted its earnings results on Thursday, November 14th. The information technology services provider reported $0.62 EPS for the quarter, topping the consensus estimate of $0.49 by $0.13. Globant had a net margin of 8.46% and a return on equity of 16.76%. The business had revenue of $171.33 million for the quarter, compared to the consensus estimate of $171.32 million. During the same period last year, the company earned $0.46 EPS. The firm’s revenue was up 27.3% compared to the same quarter last year. As a group, analysts expect that Globant will post 1.78 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. California Public Employees Retirement System lifted its position in shares of Globant by 30.7% in the 3rd quarter. California Public Employees Retirement System now owns 77,255 shares of the information technology services provider’s stock worth $7,075,000 after purchasing an additional 18,168 shares during the period. Aviva PLC acquired a new position in shares of Globant in the 2nd quarter worth approximately $1,067,000. Arabesque Asset Management Ltd acquired a new position in shares of Globant in the 2nd quarter worth approximately $3,191,000. Public Employees Retirement Association of Colorado acquired a new position in shares of Globant in the 3rd quarter worth approximately $270,000. Finally, Russell Investments Group Ltd. lifted its position in shares of Globant by 7.8% in the 3rd quarter. Russell Investments Group Ltd. now owns 147,736 shares of the information technology services provider’s stock worth $13,543,000 after purchasing an additional 10,668 shares during the period. Hedge funds and other institutional investors own 80.36% of the company’s stock.

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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