Globant (NYSE:GLOB) Stock Price Expected to Rise, Scotiabank Analyst Says

Globant (NYSE:GLOB) had its target price increased by equities research analysts at Scotiabank from $210.00 to $220.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a “sector perform” rating on the information technology services provider’s stock. Scotiabank’s target price would suggest a potential upside of 1.99% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. Citigroup raised their target price on shares of Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research note on Monday, October 28th. StockNews.com downgraded shares of Globant from a “hold” rating to a “sell” rating in a research note on Saturday, November 16th. TD Cowen raised their target price on shares of Globant from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. lifted their price objective on shares of Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Finally, Piper Sandler lowered their price objective on shares of Globant from $240.00 to $237.00 and set an “overweight” rating for the company in a research note on Friday, November 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Globant has a consensus rating of “Moderate Buy” and an average price target of $229.06.

Globant Stock Up 3.4 %

Shares of GLOB opened at $215.70 on Tuesday. The company has a market cap of $9.29 billion, a price-to-earnings ratio of 56.32, a price-to-earnings-growth ratio of 2.49 and a beta of 1.39. Globant has a twelve month low of $151.68 and a twelve month high of $251.50. The company has a 50 day moving average of $209.32 and a two-hundred day moving average of $191.52.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLOB. Vanguard Group Inc. increased its holdings in Globant by 7.9% in the first quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock valued at $22,681,000 after buying an additional 8,267 shares in the last quarter. Cetera Investment Advisers increased its holdings in Globant by 1,079.8% in the first quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock valued at $4,066,000 after buying an additional 18,433 shares in the last quarter. Creative Planning increased its holdings in Globant by 20.5% in the third quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock valued at $409,000 after buying an additional 351 shares in the last quarter. Brown Brothers Harriman & Co. increased its holdings in Globant by 97.4% in the second quarter. Brown Brothers Harriman & Co. now owns 154,538 shares of the information technology services provider’s stock valued at $27,548,000 after buying an additional 76,256 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Globant in the second quarter valued at $1,319,000. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Globant Company Profile

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.