Globant (NYSE:GLOB) Given New $242.00 Price Target at JPMorgan Chase & Co.

Globant (NYSE:GLOB) had its target price lowered by JPMorgan Chase & Co. from $248.00 to $242.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

A number of other research analysts also recently weighed in on the stock. UBS Group reduced their target price on shares of Globant from $222.00 to $217.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Citigroup upped their price target on shares of Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Scotiabank upped their price target on shares of Globant from $210.00 to $220.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Canaccord Genuity Group restated a “hold” rating and set a $205.00 price target on shares of Globant in a research note on Monday, November 18th. Finally, StockNews.com upgraded shares of Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $227.06.

Globant Stock Down 27.7 %

Globant stock opened at $152.02 on Friday. Globant has a twelve month low of $151.38 and a twelve month high of $238.32. The firm has a 50 day moving average price of $215.37 and a 200-day moving average price of $210.82. The company has a market capitalization of $6.55 billion, a P/E ratio of 39.69, a P/E/G ratio of 2.46 and a beta of 1.39.

Globant (NYSE:GLOB) last released its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). Globant had a net margin of 7.20% and a return on equity of 11.65%. The company had revenue of $642.48 million for the quarter, compared to the consensus estimate of $644.42 million. Equities analysts expect that Globant will post 4.98 EPS for the current fiscal year.

Institutional Trading of Globant

Institutional investors and hedge funds have recently bought and sold shares of the company. Centricity Wealth Management LLC purchased a new stake in Globant in the 4th quarter worth approximately $38,000. Kestra Investment Management LLC purchased a new stake in shares of Globant during the 4th quarter valued at $38,000. Wilmington Savings Fund Society FSB purchased a new stake in shares of Globant during the 3rd quarter valued at $40,000. Van Berkom & Associates Inc. purchased a new stake in shares of Globant during the 4th quarter valued at $45,000. Finally, Signaturefd LLC raised its position in shares of Globant by 46.0% during the 3rd quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 92 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other 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.