Globant (GLOB) Upgraded to “Buy” by SunTrust Banks

SunTrust Banks upgraded shares of Globant (NYSE:GLOB) from a hold rating to a buy rating in a research report released on Wednesday morning, MarketBeat Ratings reports. SunTrust Banks also issued estimates for Globant’s Q3 2018 earnings at $0.36 EPS, Q4 2018 earnings at $0.41 EPS, FY2018 earnings at $1.30 EPS, Q2 2019 earnings at $0.34 EPS, Q3 2019 earnings at $0.41 EPS, Q4 2019 earnings at $0.46 EPS, FY2019 earnings at $1.55 EPS and FY2020 earnings at $1.91 EPS.

GLOB has been the topic of a number of other reports. JPMorgan Chase reaffirmed an overweight rating and set a $54.00 target price (up from $50.00) on shares of Globant in a research report on Tuesday, February 20th. Zacks Investment Research raised Globant from a sell rating to a hold rating in a research report on Wednesday, January 31st. Finally, ValuEngine raised Globant from a hold rating to a buy rating in a research report on Monday, April 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of Buy and an average target price of $49.57.

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Shares of Globant stock opened at $47.76 on Wednesday. The firm has a market capitalization of $1,676.38, a PE ratio of 54.90 and a beta of 0.54. Globant has a fifty-two week low of $33.56 and a fifty-two week high of $54.84.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, February 15th. The information technology services provider reported $0.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.26 by $0.04. The company had revenue of $115.43 million for the quarter, compared to analyst estimates of $109.25 million. Globant had a return on equity of 13.02% and a net margin of 7.55%. analysts forecast that Globant will post 1.2 EPS for the current year.

A number of large investors have recently bought and sold shares of the stock. J. Goldman & Co LP acquired a new position in Globant during the fourth quarter valued at $735,000. William Blair Investment Management LLC raised its position in Globant by 7.0% during the fourth quarter. William Blair Investment Management LLC now owns 28,990 shares of the information technology services provider’s stock valued at $1,347,000 after buying an additional 1,893 shares during the period. Compass Group LLC acquired a new position in Globant during the fourth quarter valued at $33,466,000. Millennium Management LLC raised its position in Globant by 124.2% during the fourth quarter. Millennium Management LLC now owns 549,633 shares of the information technology services provider’s stock valued at $25,536,000 after buying an additional 304,457 shares during the period. Finally, Deutsche Bank AG raised its position in Globant by 21.4% during the fourth quarter. Deutsche Bank AG now owns 117,112 shares of the information technology services provider’s stock valued at $5,440,000 after buying an additional 20,682 shares during the period. 68.19% of the stock is currently owned by hedge funds and other institutional investors.

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Globant Company Profile

Globant SA is a digitally native technology services company. The Company’s principal operating subsidiary is based in Buenos Aires, Argentina. During the year ended December 31, 2015, 83.7% of its revenues were generated by clients in North America, 11.0% in Latin America and Asia, and 5.3% in Europe.

Analyst Recommendations for Globant (NYSE:GLOB)

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