Globant (NYSE:GLOB) Price Target Lowered to $230.00 at Piper Sandler

Globant (NYSE:GLOB) had its price target cut by analysts at Piper Sandler from $237.00 to $230.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the information technology services provider’s stock. Piper Sandler’s target price would indicate a potential upside of 9.30% from the stock’s previous close.

GLOB has been the subject of a number of other research reports. UBS Group lowered their target price on shares of Globant from $222.00 to $217.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. Canaccord Genuity Group reaffirmed a “hold” rating and set a $205.00 price objective on shares of Globant in a research note on Monday, November 18th. Jefferies Financial Group increased their target price on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Susquehanna initiated coverage on Globant in a report on Tuesday, December 17th. They set a “positive” rating and a $255.00 target price on the stock. Finally, TD Cowen upped their price target on Globant from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, November 15th. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $227.39.

Globant Stock Down 3.3 %

Globant stock opened at $210.43 on Friday. The business’s 50-day simple moving average is $215.37 and its 200 day simple moving average is $210.82. The stock has a market cap of $9.07 billion, a price-to-earnings ratio of 54.94, a P/E/G ratio of 2.46 and a beta of 1.39. Globant has a 12-month low of $151.68 and a 12-month high of $238.32.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a net margin of 7.20% and a return on equity of 11.65%. As a group, sell-side analysts expect that Globant will post 4.98 EPS for the current year.

Hedge Funds Weigh In On Globant

A number of large investors have recently added to or reduced their stakes in the company. Creative Planning boosted its position in shares of Globant by 20.5% during the third quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock worth $409,000 after buying an additional 351 shares during the period. Raymond James & Associates lifted its stake in Globant by 27.4% in the 3rd quarter. Raymond James & Associates now owns 79,234 shares of the information technology services provider’s stock valued at $15,699,000 after acquiring an additional 17,035 shares in the last quarter. Signaturefd LLC boosted its position in Globant by 46.0% during the 3rd quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock worth $58,000 after acquiring an additional 92 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Globant during the 3rd quarter worth approximately $36,510,000. Finally, Parcion Private Wealth LLC bought a new position in shares of Globant during the 3rd quarter worth approximately $214,000. Institutional investors own 91.60% of the company’s stock.

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.