Canaccord Genuity Group Reiterates Hold Rating for Globant (NYSE:GLOB)

by · The Cerbat Gem

Globant (NYSE:GLOB – Get Free Report)‘s stock had its “hold” rating reiterated by equities research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $205.00 price target on the information technology services provider’s stock. Canaccord Genuity Group’s price target would suggest a potential upside of 0.84% from the company’s previous close.

GLOB has been the subject of a number of other research reports. StockNews.com cut Globant from a “hold” rating to a “sell” rating in a research report on Saturday. Citigroup increased their target price on Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Needham & Company LLC raised their price target on Globant from $245.00 to $265.00 and gave the company a “buy” rating in a report on Friday. Deutsche Bank Aktiengesellschaft began coverage on Globant in a research note on Thursday, August 22nd. They issued a “hold” rating and a $210.00 price objective for the company. Finally, Scotiabank raised their price objective on Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat, Globant presently has an average rating of “Moderate Buy” and a consensus target price of $228.50.

Read Our Latest Research Report on GLOB

Globant Stock Performance

Shares of GLOB stock opened at $203.29 on Monday. Globant has a fifty-two week low of $151.68 and a fifty-two week high of $251.50. The company has a market capitalization of $8.76 billion, a P/E ratio of 53.08, a PEG ratio of 2.49 and a beta of 1.39. The stock has a 50 day moving average price of $208.98 and a two-hundred day moving average price of $191.19.

Globant (NYSE:GLOB – Get Free Report) last released its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. The firm had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. Globant had a return on equity of 11.87% and a net margin of 7.20%. The company’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.04 earnings per share. As a group, equities analysts predict that Globant will post 5.06 earnings per share for the current year.

Hedge Funds Weigh In On Globant

Several institutional investors have recently added to or reduced their stakes in GLOB. Wasatch Advisors LP boosted its stake in shares of Globant by 2.6% during the 3rd quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock worth $689,553,000 after acquiring an additional 88,829 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Globant by 1,817.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock worth $299,162,000 after acquiring an additional 1,431,112 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in Globant in the 2nd quarter valued at approximately $99,396,000. Sei Investments Co. lifted its stake in Globant by 43.4% in the 2nd quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock valued at $91,432,000 after buying an additional 155,112 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Globant by 57.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after buying an additional 161,512 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

About Globant

(Get Free Report)

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.

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