Analysts Set Globant SA (GLOB) Price Target at $44.20

Shares of Globant SA (NYSE:GLOB) have been given a consensus rating of “Hold” by the ten brokerages that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and four have given a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $44.20.

GLOB has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Globant from a “sell” rating to a “hold” rating in a research note on Wednesday, November 15th. KeyCorp reiterated a “hold” rating on shares of Globant in a research note on Thursday, September 28th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $36.00 target price (down previously from $42.00) on shares of Globant in a research note on Friday, November 17th. SunTrust Banks reiterated a “hold” rating on shares of Globant in a research note on Sunday, October 22nd. Finally, Wedbush reiterated an “outperform” rating and issued a $48.00 target price on shares of Globant in a research note on Saturday, October 14th.

Several institutional investors have recently made changes to their positions in the company. Fisher Asset Management LLC increased its stake in shares of Globant by 12.5% during the third quarter. Fisher Asset Management LLC now owns 19,016 shares of the information technology services provider’s stock valued at $762,000 after buying an additional 2,116 shares during the period. Bank of Montreal Can boosted its position in Globant by 1,002.4% during the second quarter. Bank of Montreal Can now owns 2,337 shares of the information technology services provider’s stock valued at $101,000 after purchasing an additional 2,125 shares in the last quarter. D.A. Davidson & CO. boosted its position in Globant by 175.3% during the second quarter. D.A. Davidson & CO. now owns 4,275 shares of the information technology services provider’s stock valued at $185,000 after purchasing an additional 2,722 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Globant by 46.2% during the third quarter. Bank of New York Mellon Corp now owns 9,977 shares of the information technology services provider’s stock valued at $400,000 after purchasing an additional 3,152 shares in the last quarter. Finally, Citigroup Inc. boosted its position in Globant by 146.7% during the second quarter. Citigroup Inc. now owns 5,353 shares of the information technology services provider’s stock valued at $233,000 after purchasing an additional 3,183 shares in the last quarter. Hedge funds and other institutional investors own 64.70% of the company’s stock.

Globant (NYSE GLOB) traded up $0.39 during mid-day trading on Monday, reaching $45.36. The company’s stock had a trading volume of 111,702 shares, compared to its average volume of 317,333. Globant has a twelve month low of $30.90 and a twelve month high of $47.74. The stock has a market capitalization of $1,580.00, a price-to-earnings ratio of 57.42 and a beta of 0.83.

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About Globant

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.

Analyst Recommendations for Globant (NYSE:GLOB)

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