Globant (NYSE:GLOB) Cut to Buy at ValuEngine

ValuEngine downgraded shares of Globant (NYSE:GLOB) from a strong-buy rating to a buy rating in a research note released on Tuesday, ValuEngine reports.

Other analysts have also recently issued reports about the stock. Itau BBA Securities raised shares of Globant from a market perform rating to an outperform rating and increased their price target for the company from $74.00 to $113.00 in a research note on Friday, June 21st. Wedbush restated an outperform rating and issued a $90.00 price objective (up from $75.00) on shares of Globant in a report on Wednesday, May 8th. William Blair restated a buy rating on shares of Globant in a report on Friday, August 16th. Zacks Investment Research lowered shares of Globant from a buy rating to a hold rating in a report on Friday, August 9th. Finally, Cowen set a $116.00 price objective on shares of Globant and gave the company a buy rating in a report on Friday, August 16th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of Buy and an average price target of $89.30.

GLOB opened at $96.82 on Tuesday. Globant has a one year low of $46.30 and a one year high of $112.33. The company has a debt-to-equity ratio of 0.14, a current ratio of 2.26 and a quick ratio of 2.29. The company’s 50 day simple moving average is $104.97 and its 200-day simple moving average is $87.15. The stock has a market capitalization of $3.27 billion, a P/E ratio of 57.56 and a beta of 0.84.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $0.40 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.01). Globant had a net margin of 9.09% and a return on equity of 16.39%. The company had revenue of $157.50 million for the quarter, compared to the consensus estimate of $157.50 million. During the same period last year, the company earned $0.40 earnings per share. Globant’s revenue for the quarter was up 23.0% compared to the same quarter last year. As a group, analysts anticipate that Globant will post 1.77 EPS for the current year.

A number of hedge funds and other institutional investors have recently made changes to their positions in GLOB. BlackRock Inc. lifted its holdings in Globant by 393.3% in the second quarter. BlackRock Inc. now owns 1,721,511 shares of the information technology services provider’s stock valued at $173,959,000 after buying an additional 1,372,522 shares during the period. Invesco Ltd. lifted its holdings in Globant by 671.3% in the second quarter. Invesco Ltd. now owns 843,989 shares of the information technology services provider’s stock valued at $85,285,000 after buying an additional 734,563 shares during the period. William Blair Investment Management LLC lifted its holdings in Globant by 32.5% in the second quarter. William Blair Investment Management LLC now owns 1,331,175 shares of the information technology services provider’s stock valued at $134,515,000 after buying an additional 326,331 shares during the period. Wasatch Advisors Inc. lifted its holdings in Globant by 15.3% in the second quarter. Wasatch Advisors Inc. now owns 2,183,891 shares of the information technology services provider’s stock valued at $220,682,000 after buying an additional 289,133 shares during the period. Finally, Norges Bank acquired a new position in Globant in the fourth quarter valued at approximately $15,761,000. Institutional investors and hedge funds own 85.25% of the company’s stock.

Globant Company Profile

Globant SA, a technology services company, provides services related to application development, testing, infrastructure management, and application maintenance worldwide. The company offers machine learning, pattern recognition, natural language understanding, future of organizations, customer insight, behavioral change, product innovation, design thinking, product management discovery and delivery, and product coaching services.

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Analyst Recommendations for Globant (NYSE:GLOB)

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