Globant (NYSE:GLOB) Stock Price Expected to Rise, Needham & Company LLC Analyst Says

Globant (NYSE:GLOB) had its price objective boosted by Needham & Company LLC from $245.00 to $265.00 in a research note published on Friday,Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

A number of other research analysts have also commented on GLOB. Citigroup upped their price target 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Globant in a report on Thursday, August 22nd. They set a “hold” rating and a $210.00 price target for the company. TD Cowen upped their price target on shares of Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Friday. KeyCorp increased their price objective on shares of Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, August 16th. Finally, Piper Sandler dropped their price target on shares of Globant from $240.00 to $237.00 and set an “overweight” rating for the company in a research note on Friday. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, Globant currently has a consensus rating of “Moderate Buy” and a consensus target price of $228.50.

Globant Price Performance

Shares of NYSE:GLOB opened at $204.09 on Friday. The stock has a market capitalization of $8.79 billion, a PE ratio of 53.08, a price-to-earnings-growth ratio of 2.49 and a beta of 1.39. The company’s 50-day moving average price is $208.98 and its two-hundred day moving average price is $191.19. Globant has a one year low of $151.68 and a one year high of $251.50.

Institutional Trading of Globant

Several hedge funds have recently added to or reduced their stakes in the stock. Wasatch Advisors LP increased its stake in shares of Globant by 2.6% in the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock worth $689,553,000 after purchasing an additional 88,829 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Globant by 1,817.5% in the third quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock worth $299,162,000 after purchasing an additional 1,431,112 shares in the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Globant in the second quarter worth about $99,396,000. Sei Investments Co. increased its stake in shares of Globant by 43.4% in the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after purchasing an additional 155,112 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of 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 worth $78,851,000 after purchasing an additional 161,512 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.

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.