Globant (NYSE:GLOB) Given New $300.00 Price Target at Wedbush

Globant (NYSE:GLOBGet Rating) had its price objective lowered by Wedbush to $300.00 in a report published on Friday, Stock Target Advisor reports.

Several other analysts have also recently commented on the stock. Cowen decreased their price target on shares of Globant from $305.00 to $240.00 and set an outperform rating on the stock in a research note on Friday. Cowen cut their price target on shares of Globant from $305.00 to $240.00 in a research note on Friday. StockNews.com assumed coverage on shares of Globant in a research report on Thursday, March 31st. They set a hold rating on the stock. Piper Sandler cut their price objective on shares of Globant from $339.00 to $223.00 and set an overweight rating for the company in a research report on Friday. Finally, Citigroup decreased their price target on shares of Globant from $350.00 to $265.00 and set a buy rating for the company in a research note on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Buy and an average price target of $298.78.

Shares of Globant stock opened at $190.92 on Friday. Globant has a one year low of $159.56 and a one year high of $354.62. The business has a 50-day simple moving average of $229.01 and a 200 day simple moving average of $255.11. The firm has a market capitalization of $8.00 billion, a price-to-earnings ratio of 72.87 and a beta of 1.51.

Globant (NYSE:GLOBGet Rating) last announced its quarterly earnings data on Thursday, May 19th. The information technology services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.16 by $0.03. Globant had a return on equity of 11.16% and a net margin of 7.77%. The firm had revenue of $401.38 million for the quarter, compared to analysts’ expectations of $397.41 million. During the same period last year, the firm earned $0.66 earnings per share. The company’s revenue for the quarter was up 48.6% compared to the same quarter last year. On average, sell-side analysts predict that Globant will post 3.98 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of GLOB. JPMorgan Chase & Co. lifted its stake in Globant by 50.9% in the first quarter. JPMorgan Chase & Co. now owns 1,907,474 shares of the information technology services provider’s stock valued at $499,893,000 after purchasing an additional 643,022 shares during the last quarter. abrdn plc lifted its holdings in Globant by 385.2% in the fourth quarter. abrdn plc now owns 651,501 shares of the information technology services provider’s stock worth $204,630,000 after buying an additional 517,222 shares during the period. Allspring Global Investments Holdings LLC bought a new position in shares of Globant during the fourth quarter valued at approximately $151,568,000. 1832 Asset Management L.P. bought a new stake in shares of Globant during the fourth quarter valued at approximately $147,279,000. Finally, Capital International Investors boosted its stake in shares of Globant by 84.7% during the 4th quarter. Capital International Investors now owns 818,071 shares of the information technology services provider’s stock worth $256,948,000 after acquiring an additional 375,040 shares during the last quarter. 88.21% of the stock is owned by institutional investors and hedge funds.

About Globant (Get Rating)

Globant SA operates as a technology services company worldwide. It offers e-commerce, new distribution capabilities, augmented revenue management, hyper connected operation, and conversational user experience services through reinvention studios; digital lending, commercial effectiveness, finance, sustainability, regulation analytic, transformation and post-merger integration, and payment and open banking services; and game and graphic engineering, UI and UX design, game as a service, DevOps, and online services, as well as high tech tools.

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