Globant SA Gets a Hold Rating from Cantor Fitzgerald

Cantor Fitzgerald analyst Joseph Foresi maintained a Hold rating on Globant SA (NYSE: GLOB) today and set a price target of $49. The company’s shares closed yesterday at $47.50.

Foresi wrote:

“Foresi’s Take. The company’s growth outlook remains positive, in our view, given quarterly top-line results that were above expectations again. Management raised 2018 guidance. Disney remained the top client and is growing rapidly. Management was pleased with the growth of clients outside of the top 10 accounts. There continues to be acceleration among the 50 Square accounts.”

According to TipRanks.com, Foresi is a top 25 analyst with an average return of 17.9% and a 84.0% success rate. Foresi covers the Technology sector, focusing on stocks such as Jack Henry & Associates, Fidelity National Info, and Exlservice Holdings.

Globant SA has an analyst consensus of Moderate Buy, with a price target consensus of $54.

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Based on Globant SA’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of $10.17 million. In comparison, last year the company had a net profit of $8.87 million.

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Globant SA engages in the provision of information technology services. It offers application development and maintenance, testing, and infrastructure management. The company was founded by Martín Migoya, Martín Gonzalo Umaran, Guibert Andrés Englebienne and Néstor Nocetti in 2003 and is headquartered in Luxembourg.