Globant (NYSE:GLOB) Shares Gap Up – Here’s What Happened

Globant S.A. (NYSE:GLOB)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $151.72, but opened at $158.39. Globant shares last traded at $158.29, with a volume of 715,654 shares trading hands.

Analyst Ratings Changes

GLOB has been the subject of a number of research reports. Needham & Company LLC cut their target price on shares of Globant from $265.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, February 21st. TD Cowen raised their price objective on shares of Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. UBS Group decreased their target price on Globant from $222.00 to $217.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. JPMorgan Chase & Co. dropped their price target on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Finally, Canaccord Genuity Group decreased their price objective on Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a report on Monday. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $222.89.

Globant Stock Performance

The business has a fifty day moving average price of $211.36 and a 200 day moving average price of $210.54. The company has a market cap of $6.75 billion, a price-to-earnings ratio of 42.09, a PEG ratio of 2.38 and a beta of 1.39.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a return on equity of 11.83% and a net margin of 6.86%. The business had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. As a group, equities analysts anticipate that Globant S.A. will post 5.73 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GLOB. Creative Planning increased its holdings in Globant by 20.5% in the third quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock valued at $409,000 after purchasing an additional 351 shares during the period. Signaturefd LLC raised its position in shares of Globant by 46.0% in the 3rd quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock worth $58,000 after acquiring an additional 92 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Globant in the 3rd quarter valued at about $36,510,000. Stephens Inc. AR boosted its position in shares of Globant by 10.0% during the 3rd quarter. Stephens Inc. AR now owns 2,539 shares of the information technology services provider’s stock valued at $503,000 after purchasing an additional 230 shares in the last quarter. Finally, Van ECK Associates Corp increased its holdings in Globant by 62.4% in the third quarter. Van ECK Associates Corp now owns 398 shares of the information technology services provider’s stock worth $86,000 after purchasing an additional 153 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

About Globant

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.