Stocks were mixed, heading into a fresh week of trading this morning. Stocks linked to the economic recovery led premarket gains as infection rates continue to dwindle.
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Luxembourg-based Globant S.A. (GLOB) is a technology services company that provides content management systems and e-commerce applications to clients in North America, Europe, Latin America, and internationally. The stock is the recipient of a string of upgrades and positive estimate revisions over the past few weeks that piqued our curiosity.
Over the past month, JPMorgan Chase, Piper Sandler, Citigroup, and Jefferies have all raised their price targets and/or ratings for GLOB stock. Last week, Goldman Sachs analyst Diego Aragao upgraded Globant from Neutral to Buy. The analyst believes Globant can sustain current relative valuation levels given the “superior-quality of its offerings.”
The company is already taking advantage of the growing global demand for digital solutions. Aragao is positive on the Latin American Technology sector, expecting the urgency of digitalization to continue driving improved sales growth and margin expansion for at least the next three years. Goldman Sachs raised the price target for GLOB from $235 to $395, implying a 26% upside.
When we took a deeper look at insider activity at Globant, we were intrigued and impressed to find that insiders have $267 million invested in the $13 billion company. This suggests that leadership will have shareholders’ interest in mind while making decisions.
The consensus forecasts that Globant will report EPS of $0.93 during its next quarterly earnings report, suggesting a positive year-over-year growth of 55% rate from the $0.60 reported in the same quarter last year. The company is slated to report Q3 numbers on Thursday, November 11th.
Looking back at performance for the year, GLOB has consistently beat the market. Shares of Globant have increased 54% since the beginning of the year. In comparison, the S&P 500 has only moved about 20%. It’s no wonder that GLOB currently holds a Zacks Momentum Style Score of A. We think that the stock has more room to run if conditions remain favorable.
The consensus among the pros on Wall Street is to Buy GLOB stock. Of 13 analysts offering recommendations for the stock, 12 rate the stock a Buy, and 1 rates it a Hold. There are no Sell ratings for Globant stock.
Where to invest $1,000 right now...
Before you consider buying Globant, you'll want to see this.
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Find that to be extraordinary?
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