StockNews.com Downgrades Globant (NYSE:GLOB) to Sell

StockNews.com lowered shares of Globant (NYSE:GLOB) from a hold rating to a sell rating in a report published on Thursday.

Other equities analysts have also issued reports about the company. Deutsche Bank Aktiengesellschaft assumed coverage on Globant in a research note on Thursday, August 22nd. They issued a “hold” rating and a $210.00 target price for the company. JPMorgan Chase & Co. upped their price target on shares of Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a research report on Wednesday. Citigroup raised their price objective on Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Monday. KeyCorp upped their price target on Globant from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, August 16th. Finally, Piper Sandler reissued an “overweight” rating and issued a $240.00 price objective (up from $238.00) on shares of Globant in a research report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and an average target price of $226.21.

Globant Trading Up 0.0 %

Shares of Globant stock traded up $0.05 during trading hours on Thursday, hitting $209.94. 13,088 shares of the company were exchanged, compared to its average volume of 477,332. The business has a 50-day moving average of $203.80 and a 200-day moving average of $187.86. Globant has a 1 year low of $151.68 and a 1 year high of $251.50. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of 54.81, a P/E/G ratio of 2.62 and a beta of 1.39.

Globant (NYSE:GLOB) last released its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The firm had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. During the same quarter in the previous year, the firm earned $1.04 earnings per share. The firm’s revenue was up 18.1% on a year-over-year basis. As a group, research analysts anticipate that Globant will post 5.05 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Globant

Several large investors have recently added to or reduced their stakes in the company. Norden Group LLC acquired a new stake in Globant in the 1st quarter valued at about $659,000. Maryland State Retirement & Pension System bought a new position in shares of Globant during the first quarter worth $631,000. BNP Paribas Financial Markets lifted its holdings in Globant by 733.4% during the first quarter. BNP Paribas Financial Markets now owns 18,235 shares of the information technology services provider’s stock worth $3,682,000 after acquiring an additional 16,047 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in Globant by 11.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 16,157 shares of the information technology services provider’s stock worth $3,262,000 after purchasing an additional 1,715 shares in the last quarter. Finally, RiverPark Advisors LLC bought a new stake in Globant in the 1st quarter valued at $54,000. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Company Profile

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.