Globant (NYSE:GLOB) Price Target Cut to $230.00

Globant (NYSE:GLOB) had its price target trimmed by Scotiabank from $260.00 to $230.00 in a research note released on Monday, Benzinga reports. They currently have a sector outperform rating on the information technology services provider’s stock.

Other equities analysts have also recently issued reports about the company. Canaccord Genuity Group reissued a hold rating and set a $230.00 price target on shares of Globant in a report on Tuesday, February 20th. Wedbush restated an outperform rating and set a $250.00 price target on shares of Globant in a research note on Friday, February 16th. UBS Group raised their price objective on shares of Globant from $230.00 to $240.00 and gave the stock a neutral rating in a report on Monday, February 26th. KeyCorp increased their price target on shares of Globant from $266.00 to $272.00 and gave the stock an overweight rating in a research report on Friday, February 16th. Finally, HSBC decreased their target price on Globant from $275.00 to $270.00 and set a buy rating on the stock in a report on Wednesday, April 3rd. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Globant currently has a consensus rating of Moderate Buy and an average target price of $245.41.

Globant Stock Down 0.4 %

Shares of GLOB opened at $177.93 on Monday. The company has a market capitalization of $7.67 billion, a P/E ratio of 49.02, a price-to-earnings-growth ratio of 1.39 and a beta of 1.35. The firm has a 50 day moving average of $201.68 and a 200 day moving average of $211.83. Globant has a twelve month low of $135.40 and a twelve month high of $251.50.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, February 15th. The information technology services provider reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.08). The business had revenue of $580.71 million during the quarter, compared to analysts’ expectations of $579.70 million. Globant had a return on equity of 11.38% and a net margin of 7.56%. On average, sell-side analysts expect that Globant will post 5.03 EPS for the current year.

Hedge Funds Weigh In On Globant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CI Investments Inc. boosted its position in shares of Globant by 122.0% during the 3rd quarter. CI Investments Inc. now owns 131 shares of the information technology services provider’s stock valued at $26,000 after acquiring an additional 72 shares during the last quarter. Accent Capital Management LLC bought a new stake in shares of Globant in the 4th quarter worth about $29,000. Principal Securities Inc. purchased a new position in shares of Globant during the fourth quarter valued at approximately $56,000. GAMMA Investing LLC purchased a new position in Globant during the 4th quarter valued at $68,000. Finally, CWM LLC lifted its holdings in Globant by 20.9% during the 3rd quarter. CWM LLC now owns 504 shares of the information technology services provider’s stock valued at $100,000 after buying an additional 87 shares in the last quarter. 91.60% of the stock is owned by institutional investors.

About Globant

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.