Zacks Investment Research cut shares of Globant (NYSE:GLOB) from a buy rating to a hold rating in a report released on Monday morning.
According to Zacks, “Globant S.A. is a technology services provider. The Company provides engineering, design, and innovation services for clients. Globant offers content management systems; and e-commerce applications. It is also involved in the provision of data management solutions; and quality assurance engagement strategy, mobile testing, test automation, load and performance testing, and game testing services. It provides various software solutions primarily in North America, Europe, Latin America, and internationally. Globant S.A. is based in Luxembourg. “
A number of other research analysts have also recently weighed in on GLOB. SunTrust Banks lifted their price objective on shares of Globant to $52.00 and gave the company a hold rating in a report on Wednesday, February 21st. They noted that the move was a valuation call. JPMorgan Chase & Co. restated an overweight rating and issued a $54.00 price objective (up previously from $50.00) on shares of Globant in a report on Tuesday, February 20th. Cantor Fitzgerald reiterated a neutral rating and issued a $36.00 price target (down previously from $42.00) on shares of Globant in a research note on Friday, November 17th. BidaskClub downgraded shares of Globant from a hold rating to a sell rating in a research note on Wednesday, November 1st. Finally, KeyCorp reiterated a hold rating on shares of Globant in a research note on Friday, November 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $49.57.
A number of institutional investors have recently modified their holdings of GLOB. Fisher Asset Management LLC lifted its stake in Globant by 12.5% in the third quarter. Fisher Asset Management LLC now owns 19,016 shares of the information technology services provider’s stock worth $762,000 after acquiring an additional 2,116 shares during the last quarter. State of New Jersey Common Pension Fund D purchased a new position in Globant in the third quarter worth approximately $1,795,000. BARING ASSET MANAGEMENT Ltd purchased a new position in Globant in the third quarter worth approximately $496,000. American Capital Management Inc. purchased a new position in Globant in the third quarter worth approximately $260,000. Finally, Riverbridge Partners LLC lifted its stake in Globant by 63.5% in the third quarter. Riverbridge Partners LLC now owns 1,625,091 shares of the information technology services provider’s stock worth $65,117,000 after acquiring an additional 631,089 shares during the last quarter. Institutional investors own 64.80% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Globant Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globant and related companies with MarketBeat.com's FREE daily email newsletter.