Wedbush Reaffirms “Outperform” Rating for Globant (NYSE:GLOB)

Wedbush reiterated their outperform rating on shares of Globant (NYSE:GLOB) in a research note published on Friday, Benzinga reports. Wedbush currently has a $250.00 price target on the information technology services provider’s stock.

Several other research firms have also issued reports on GLOB. KeyCorp cut their price target on shares of Globant from $230.00 to $218.00 and set an overweight rating on the stock in a report on Friday. Piper Sandler boosted their price objective on shares of Globant from $212.00 to $217.00 and gave the company an overweight rating in a report on Friday. Bank of America started coverage on shares of Globant in a report on Wednesday, October 11th. They set a neutral rating and a $202.00 price objective on the stock. TD Cowen dropped their price objective on shares of Globant from $207.00 to $205.00 and set an outperform rating on the stock in a report on Friday, August 18th. Finally, Needham & Company LLC boosted their price objective on shares of Globant from $205.00 to $215.00 and gave the company a buy rating in a report on Friday. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $218.38.

Globant Stock Up 2.3 %

Shares of GLOB stock opened at $209.46 on Friday. The firm has a market cap of $8.85 billion, a price-to-earnings ratio of 60.89 and a beta of 1.31. The company’s 50 day moving average is $189.64 and its 200 day moving average is $182.11. Globant has a 52-week low of $135.40 and a 52-week high of $211.93.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. CI Investments Inc. boosted its holdings in shares of Globant by 122.0% in the third quarter. CI Investments Inc. now owns 131 shares of the information technology services provider’s stock valued at $26,000 after acquiring an additional 72 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Globant by 233.3% during the first quarter. Nisa Investment Advisors LLC now owns 200 shares of the information technology services provider’s stock worth $33,000 after acquiring an additional 140 shares during the last quarter. Clearstead Advisors LLC grew its holdings in shares of Globant by 1,566.7% during the first quarter. Clearstead Advisors LLC now owns 250 shares of the information technology services provider’s stock worth $41,000 after buying an additional 235 shares in the last quarter. Cornerstone Planning Group LLC purchased a new stake in Globant in the second quarter valued at approximately $50,000. Finally, Fortis Capital Advisors LLC purchased a new stake in Globant during the first quarter worth approximately $55,000. 91.49% of the stock is owned by hedge funds and other institutional investors.

Globant Company Profile

Globant SA operates as a technology services company worldwide. The company 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.