Globant (NYSE:GLOB) Price Target Cut to $190.00 by Analysts at UBS Group

Globant (NYSE:GLOB) had its price target decreased by UBS Group from $217.00 to $190.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the information technology services provider’s stock. UBS Group’s target price indicates a potential upside of 22.98% from the company’s current price.

Several other research analysts also recently commented on GLOB. Needham & Company LLC cut their target price on Globant from $265.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, February 21st. TD Cowen upped their price target on Globant from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Jefferies Financial Group upped their price target on shares of Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Scotiabank cut their price objective on shares of Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a research note on Monday. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Globant currently has a consensus rating of “Moderate Buy” and an average price target of $221.39.

Globant Stock Down 1.0 %

NYSE GLOB traded down $1.51 during trading hours on Wednesday, hitting $154.50. The company’s stock had a trading volume of 517,673 shares, compared to its average volume of 717,917. Globant has a twelve month low of $151.38 and a twelve month high of $238.32. The firm has a market capitalization of $6.66 billion, a P/E ratio of 41.49, a PEG ratio of 2.38 and a beta of 1.39. The stock has a fifty day moving average of $211.36 and a 200 day moving average of $210.54.

Globant (NYSE:GLOB) last released its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a net margin of 6.86% and a return on equity of 11.83%. The company had revenue of $642.48 million during the quarter, compared to analyst estimates of $644.42 million. On average, analysts predict that Globant will post 5.73 earnings per share for the current year.

Institutional Investors Weigh In On Globant

A number of hedge funds and other institutional investors have recently made changes to their positions in GLOB. Wasatch Advisors LP lifted its holdings in shares of Globant by 2.6% in the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock valued at $689,553,000 after buying an additional 88,829 shares during the period. JPMorgan Chase & Co. boosted its holdings in Globant by 8.6% in the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after purchasing an additional 203,472 shares during the period. Capital International Investors raised its stake in shares of Globant by 13.1% in the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock valued at $364,723,000 after buying an additional 197,064 shares in the last quarter. Victory Capital Management Inc. grew its position in Globant by 6.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider’s stock valued at $344,382,000 after acquiring an additional 96,257 shares during the period. Finally, Jennison Associates LLC increased its stake in shares of Globant by 0.6% in the fourth quarter. Jennison Associates LLC now owns 802,547 shares of the information technology services provider’s stock valued at $172,082,000 after buying an additional 4,970 shares in the last quarter. Hedge funds and other 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.