Globant (NYSE:GLOB) Upgraded by Itau BBA Securities to Hold Rating

Globant (NYSE:GLOB) was upgraded by Itau BBA Securities to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts have also recently issued research reports about the company. TD Cowen reduced their price objective on Globant from $59.00 to $47.00 and set a “buy” rating for the company in a report on Thursday. William Blair downgraded Globant from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Wedbush reaffirmed an “outperform” rating on shares of Globant in a report on Monday, May 18th. Wells Fargo & Company lowered their price objective on Globant from $57.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Friday, March 27th. Finally, Canaccord Genuity Group dropped their target price on Globant from $50.00 to $40.00 and set a “hold” rating for the company in a report on Friday, May 15th. Seven research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Globant has an average rating of “Hold” and an average price target of $61.82.

Globant Stock Performance

NYSE GLOB opened at $31.30 on Tuesday. The firm has a 50-day moving average of $36.14 and a 200-day moving average of $48.10. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.82 and a current ratio of 1.82. The stock has a market cap of $1.37 billion, a PE ratio of 12.72, a P/E/G ratio of 1.10 and a beta of 1.06. Globant has a 52-week low of $27.56 and a 52-week high of $94.35.

Globant (NYSE:GLOB) last announced its earnings results on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, hitting the consensus estimate of $1.50. Globant had a net margin of 4.46% and a return on equity of 9.87%. The business had revenue of $607.09 million during the quarter, compared to the consensus estimate of $601.65 million. During the same quarter in the previous year, the firm posted $1.50 EPS. Globant’s revenue was down .7% compared to the same quarter last year. On average, sell-side analysts anticipate that Globant will post 4.92 EPS for the current year.

Globant declared that its board has approved a share repurchase program on Monday, May 18th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the information technology services provider to buy up to 2.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Globant

A number of institutional investors and hedge funds have recently bought and sold shares of GLOB. GAMMA Investing LLC boosted its stake in shares of Globant by 34.3% during the fourth quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock valued at $47,000 after purchasing an additional 182 shares in the last quarter. Signaturefd LLC raised its holdings in Globant by 65.1% in the 4th quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock valued at $32,000 after buying an additional 190 shares during the last quarter. Sanctuary Advisors LLC raised its holdings in Globant by 7.2% in the 4th quarter. Sanctuary Advisors LLC now owns 3,801 shares of the information technology services provider’s stock valued at $248,000 after buying an additional 255 shares during the last quarter. CWM LLC boosted its position in Globant by 33.7% during the 4th quarter. CWM LLC now owns 1,151 shares of the information technology services provider’s stock worth $75,000 after buying an additional 290 shares during the period. Finally, Parallel Advisors LLC boosted its position in Globant by 27.1% during the 1st quarter. Parallel Advisors LLC now owns 1,735 shares of the information technology services provider’s stock worth $80,000 after buying an additional 370 shares during the period. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Company Profile

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.