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

Globant S.A. (NYSE:GLOB) gapped up before the market opened 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 changing hands.

Analyst Ratings Changes

A number of research firms recently weighed in on GLOB. Needham & Company LLC dropped their price target on Globant from $265.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Redburn Atlantic upgraded shares of Globant from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $140.00 to $150.00 in a report on Tuesday. Scotiabank decreased their target price on Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a research report on Monday. Susquehanna assumed coverage on shares of Globant in a research note on Tuesday, December 17th. They set a “positive” rating and a $255.00 price target for the company. Finally, Canaccord Genuity Group lowered their price objective on Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research note on Monday. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Globant currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.89.

Globant Stock Up 1.8 %

The firm’s 50-day simple moving average is $211.36 and its 200-day simple moving average is $210.54. The firm has a market capitalization of $6.75 billion, a P/E ratio of 42.09, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39.

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

Hedge Funds Weigh In On Globant

A number of large investors have recently modified their holdings of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its position in Globant by 163.4% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,500 shares of the information technology services provider’s stock valued at $26,266,000 after acquiring an additional 76,000 shares during the last quarter. Vident Advisory LLC bought a new position in shares of Globant during the 4th quarter valued at $235,000. Teza Capital Management LLC purchased a new position in Globant in the 4th quarter worth $8,650,000. Royal Bank of Canada raised its position in Globant by 15.4% in the 4th quarter. Royal Bank of Canada now owns 254,107 shares of the information technology services provider’s stock worth $54,486,000 after purchasing an additional 33,921 shares during the period. Finally, Raiffeisen Bank International AG bought a new stake in Globant in the fourth quarter worth $171,000. 91.60% of the stock is owned by hedge funds and other institutional investors.

Globant Company Profile

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.