Citigroup Inc. Boosts Globant S.A. (NYSE:GLOB) Price Target to $49.00
Globant S.A. (NYSE:GLOB) had its price target increased by analysts at Citigroup Inc. from $42.00 to $49.00 in a research report issued on Wednesday. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Citigroup Inc.’s target price would indicate a potential upside of 13.74% from the stock’s previous close.
A number of other research firms have also recently commented on GLOB. Cantor Fitzgerald reissued a “hold” rating and issued a $36.00 target price on shares of Globant in a report on Friday, May 19th. BidaskClub cut shares of Globant from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $43.43.
Shares of Globant (NYSE GLOB) traded up 1.44% during trading on Wednesday, reaching $43.70. 18,064 shares of the company traded hands. The company has a 50-day moving average of $42.24 and a 200-day moving average of $37.22. Globant has a 12 month low of $30.90 and a 12 month high of $47.19. The stock has a market capitalization of $1.52 billion, a PE ratio of 42.43 and a beta of 0.85.
Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, May 18th. The information technology services provider reported $0.25 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.25. The firm had revenue of $88.74 million for the quarter, compared to the consensus estimate of $87.63 million. Globant had a net margin of 11.13% and a return on equity of 18.60%. The business’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.24 earnings per share. Analysts forecast that Globant will post $1.27 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently modified their holdings of GLOB. Waddell & Reed Financial Inc. raised its position in shares of Globant by 5.2% in the fourth quarter. Waddell & Reed Financial Inc. now owns 2,827,787 shares of the information technology services provider’s stock worth $106,070,000 after buying an additional 139,488 shares during the period. JPMorgan Chase & Co. raised its position in Globant by 1.9% in the first quarter. JPMorgan Chase & Co. now owns 2,282,616 shares of the information technology services provider’s stock valued at $83,088,000 after buying an additional 41,721 shares during the last quarter. Morgan Stanley raised its position in Globant by 21.5% in the first quarter. Morgan Stanley now owns 2,242,442 shares of the information technology services provider’s stock valued at $81,625,000 after buying an additional 396,660 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in Globant during the fourth quarter valued at about $36,904,000. Finally, OppenheimerFunds Inc. raised its position in Globant by 13.1% in the fourth quarter. OppenheimerFunds Inc. now owns 910,615 shares of the information technology services provider’s stock valued at $34,157,000 after buying an additional 105,504 shares during the last quarter. Institutional investors and hedge funds own 70.82% 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.
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