Globant SA Gets a Hold Rating from Cantor Fitzgerald

By Jason Carr

In a report released today, Joseph Foresi from Cantor Fitzgerald reiterated a Hold rating on Globant SA (NYSE: GLOB), with a price target of $36. The company’s shares closed yesterday at $37.27.

Foresi wrote:

“Foresi’s Take. The growth outlook remains positive, as quarterly top-line results were above expectations again and management raised 2017 revenue guidance. EPS was in line with Street expectations, but 2017 EPS guidance was lowered due to further currency pressure on margins as inflation in delivery center locations remains high, driving wage expenses higher.”

According to TipRanks.com, Foresi is a 5-star analyst with an average return of 8.8% and a 73.9% success rate. Foresi covers the Technology sector, focusing on stocks such as Automatic Data Processing, Fidelity National Info, and Computer Sciences.

Globant SA has an analyst consensus of Moderate Buy, with a price target consensus of $37.50.

Based on Globant SA’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $87.25 million and quarterly net profit of $10.32 million. In comparison, last year the company earned revenue of $73.33 million and had a net profit of $7.94 million.

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Globant SA operates as an technology services provider, which focuses on delivering software solutions that leverage emerging technologies and related market trends. It also provides services related to application development, testing, infrastructure management and application maintenance. The company was founded by Martín Migoya, Martín Gonzalo Umaran, Guibert Andrés Englebienne and Néstor Nocetti in 2003 and is headquartered in Luxembourg.