These Analysts Increase Their Forecasts On Globant After Q4 Results

Globant S.A. GLOB reported better-than-expected fourth-quarter results on Thursday.

Globant posted adjusted earnings of $1.62 per share, beating market estimates of $1.61 per share. The company’s quarterly sales came in at $580.71 million versus expectations of $579.42 million, according to data from Benzinga Pro.

"Our journey of two decades has been marked by resilience, innovation and a commitment to delivering exceptional results. As we reflect on our achievements from the fourth quarter and full year of 2023, we are very proud of the progress we have made as a company. Throughout the year, we expanded into new markets, forged valuable relationships with top-notch new clients and diversified our service offering. Our dedication to being a trusted end-to-end partner has enabled us to craft multiple solutions and continuously expand the breadth of our services, platforms and capabilities. With a global footprint in five continents and a focus on AI and generative AI capabilities, we are well-positioned for future growth," said Martín Migoya, Globant's CEO and co-founder.

Globant shares gained 2.1% to close at $239.11 on Thursday.

These analysts made changes to their price targets Globant after the company reported quarterly results.

• Piper Sandler raised the price target on Globant from $257 to $290. Piper Sandler analyst Arvind Ramnani maintained an Overweight rating.
• Keybanc increased the price target on Globant from $266 to $272. Keybanc analyst Thomas Blakey maintained an Overweight rating.

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