Zacks Investment Research Downgrades Globant (NYSE:GLOB) to Hold

Zacks Investment Research downgraded shares of Globant (NYSE:GLOB) from a buy rating to a hold rating in a report published on Friday morning, Zacks.com reports.

According to Zacks, “Globant S.A. is a technology services provider. The Company provides engineering, design, and innovation services for clients. Globant offers content management systems; and e-commerce applications. It is also involved in the provision of data management solutions; and quality assurance engagement strategy, mobile testing, test automation, load and performance testing, and game testing services. It provides various software solutions primarily in North America, Europe, Latin America, and internationally. Globant S.A. is based in Luxembourg. “

Several other equities research analysts have also issued reports on GLOB. Itau BBA Securities upgraded shares of Globant from a market perform rating to an outperform rating and lifted their price target for the company from $74.00 to $113.00 in a research note on Friday, June 21st. Citigroup lowered shares of Globant from a buy rating to a neutral rating and boosted their price objective for the stock from $93.00 to $115.00 in a research note on Wednesday, July 17th. Finally, Wedbush restated an outperform rating and set a $90.00 price objective (up from $75.00) on shares of Globant in a research note on Wednesday, May 8th. Three analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Globant currently has an average rating of Buy and a consensus target price of $88.00.

Shares of GLOB stock opened at $103.55 on Friday. The company has a quick ratio of 2.29, a current ratio of 1.69 and a debt-to-equity ratio of 0.09. Globant has a 1 year low of $46.30 and a 1 year high of $112.33. The company has a fifty day simple moving average of $105.79. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of 74.50 and a beta of 0.84.

Several institutional investors have recently added to or reduced their stakes in the company. FTB Advisors Inc. grew its stake in Globant by 42.4% in the 2nd quarter. FTB Advisors Inc. now owns 373 shares of the information technology services provider’s stock valued at $37,000 after buying an additional 111 shares during the last quarter. US Bancorp DE grew its stake in Globant by 0.9% in the 1st quarter. US Bancorp DE now owns 15,817 shares of the information technology services provider’s stock valued at $1,130,000 after buying an additional 137 shares during the last quarter. Bollard Group LLC acquired a new position in Globant in the 1st quarter valued at about $29,000. WCM Investment Management LLC grew its stake in Globant by 1.4% in the 1st quarter. WCM Investment Management LLC now owns 40,599 shares of the information technology services provider’s stock valued at $2,899,000 after buying an additional 555 shares during the last quarter. Finally, Icon Wealth Partners LLC acquired a new position in Globant in the 1st quarter valued at about $42,000. Institutional investors own 79.27% of the company’s stock.

Globant Company Profile

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.

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