Morgan Stanley initiated coverage on shares of Globant (NYSE:GLOB) in a research report issued on Wednesday, MarketBeat reports. The brokerage set an “overweight” rating and a $85.00 price target on the information technology services provider’s stock. Morgan Stanley’s price objective would indicate a potential upside of 6.49% from the stock’s previous close.
Several other equities analysts have also weighed in on GLOB. Zacks Investment Research upgraded shares of Globant from a “hold” rating to a “buy” rating and set a $61.00 price objective on the stock in a report on Monday, December 24th. ValuEngine upgraded shares of Globant from a “buy” rating to a “strong-buy” rating in a report on Monday, February 4th. Cantor Fitzgerald restated a “hold” rating and issued a $67.00 price objective on shares of Globant in a report on Friday, February 15th. SunTrust Banks increased their price objective on shares of Globant to $75.00 and gave the company a “buy” rating in a report on Tuesday, January 29th. Finally, Wedbush increased their price objective on shares of Globant from $65.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, February 13th. Four analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $67.00.
Shares of GLOB stock opened at $79.82 on Wednesday. Globant has a 1 year low of $43.29 and a 1 year high of $80.50. The company has a market cap of $2.87 billion, a PE ratio of 57.42 and a beta of 0.94.
Globant (NYSE:GLOB) last announced its earnings results on Thursday, February 14th. The information technology services provider reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.02. Globant had a net margin of 9.89% and a return on equity of 16.40%. The company had revenue of $140.14 million for the quarter, compared to analyst estimates of $139.32 million. During the same period in the prior year, the business earned $0.39 earnings per share. Globant’s quarterly revenue was up 21.4% on a year-over-year basis. Research analysts anticipate that Globant will post 1.72 EPS for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. American Capital Management Inc. raised its holdings in Globant by 6.7% in the fourth quarter. American Capital Management Inc. now owns 5,571 shares of the information technology services provider’s stock worth $314,000 after purchasing an additional 350 shares during the period. Brookstone Capital Management increased its position in shares of Globant by 8.8% during the fourth quarter. Brookstone Capital Management now owns 5,266 shares of the information technology services provider’s stock worth $297,000 after acquiring an additional 427 shares in the last quarter. Claybrook Capital LLC bought a new stake in shares of Globant during the fourth quarter worth $26,000. Daiwa Securities Group Inc. bought a new stake in shares of Globant during the fourth quarter worth $28,000. Finally, M&T Bank Corp increased its position in shares of Globant by 14.8% during the fourth quarter. M&T Bank Corp now owns 5,784 shares of the information technology services provider’s stock worth $326,000 after acquiring an additional 747 shares in the last quarter. Institutional investors own 79.64% 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.
Further Reading: Catch-Up Contributions
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.