Globant (NYSE:GLOB)‘s stock had its “hold” rating restated by stock analysts at Cantor Fitzgerald in a research note issued on Friday. They currently have a $57.00 target price on the information technology services provider’s stock. Cantor Fitzgerald’s target price suggests a potential downside of 2.78% from the stock’s previous close.
The analysts wrote, “We maintain our Neutral rating on GLOB and PT $57. We recently had positive meetings with management. Globant remains a “front end” focused IT Services player, a digital pure play. Demand remains healthy among top and new clients. Margins targets remain unchanged. The company continues to expand it geographic headcount base.””
Several other research analysts have also recently commented on GLOB. Citigroup increased their price target on Globant from $62.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, August 24th. JPMorgan Chase & Co. increased their price target on Globant from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Friday, August 24th. Zacks Investment Research cut Globant from a “buy” rating to a “hold” rating in a research report on Wednesday, October 24th. Finally, Goldman Sachs Group initiated coverage on Globant in a research report on Monday, November 19th. They set a “buy” rating and a $65.00 price target for the company. Three research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $61.50.
Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, November 15th. The information technology services provider reported $0.37 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.01). Globant had a net margin of 10.53% and a return on equity of 16.03%. The company had revenue of $134.57 million for the quarter, compared to analyst estimates of $132.72 million. As a group, sell-side analysts forecast that Globant will post 1.49 earnings per share for the current fiscal year.
Large investors have recently added to or reduced their stakes in the business. Zions Bancorporation bought a new position in shares of Globant during the second quarter worth approximately $160,000. Quantbot Technologies LP bought a new position in shares of Globant during the third quarter worth approximately $175,000. PNC Financial Services Group Inc. increased its stake in shares of Globant by 48.3% during the second quarter. PNC Financial Services Group Inc. now owns 3,266 shares of the information technology services provider’s stock worth $185,000 after purchasing an additional 1,064 shares during the period. Bank of Montreal Can increased its stake in shares of Globant by 32.9% during the second quarter. Bank of Montreal Can now owns 3,640 shares of the information technology services provider’s stock worth $206,000 after purchasing an additional 901 shares during the period. Finally, Cim LLC bought a new position in shares of Globant during the third quarter worth approximately $212,000. Hedge funds and other institutional investors own 78.68% of the company’s stock.
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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