JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Globant (NYSE:GLOB) Stock

Globant (NYSE:GLOB) had its price target lifted by equities researchers at JPMorgan Chase & Co. from $237.00 to $248.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “overweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 18.17% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. Scotiabank upped their target price on Globant from $200.00 to $210.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 21st. UBS Group reiterated a “neutral” rating and issued a $235.00 price objective (up previously from $225.00) on shares of Globant in a report on Tuesday, August 20th. TD Cowen boosted their target price on shares of Globant from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Friday, August 16th. Canaccord Genuity Group raised their price target on shares of Globant from $175.00 to $205.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Finally, Citigroup boosted their price objective on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research note on Monday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $226.21.

Globant Trading Down 1.6 %

Shares of NYSE GLOB opened at $209.86 on Wednesday. The company has a market cap of $9.04 billion, a price-to-earnings ratio of 54.79, a PEG ratio of 2.70 and a beta of 1.39. Globant has a 12 month low of $151.68 and a 12 month high of $251.50. The stock has a 50-day moving average price of $203.80 and a two-hundred day moving average price of $187.86.

Globant (NYSE:GLOB) last released its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The business had revenue of $587.46 million during the quarter, compared to analysts’ expectations of $586.72 million. During the same period in the prior year, the company earned $1.04 EPS. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. On average, sell-side analysts predict that Globant will post 5.02 earnings per share for the current year.

Institutional Investors Weigh In On Globant

Large investors have recently bought and sold shares of the stock. Manning & Napier Advisors LLC acquired a new stake in shares of Globant in the 2nd quarter valued at about $99,396,000. Dimensional Fund Advisors LP grew its stake in Globant by 57.5% in the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after acquiring an additional 161,512 shares during the period. Sei Investments Co. grew its position 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 purchasing an additional 155,112 shares during the period. The Manufacturers Life Insurance Company increased its stake in Globant by 89.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock valued at $47,450,000 after purchasing an additional 126,030 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in Globant by 84.8% during the second quarter. Millennium Management LLC now owns 261,270 shares of the information technology services provider’s stock worth $46,574,000 after buying an additional 119,860 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

About Globant

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.