Globant (NYSE:GLOB) Price Target Cut to $237.00 by Analysts at Piper Sandler

Globant (NYSE:GLOB) had its price target cut by Piper Sandler from $240.00 to $237.00 in a report issued on Friday,Benzinga reports. They currently have an overweight rating on the information technology services provider’s stock.

Other equities analysts also recently issued research reports about the company. Jefferies Financial Group boosted their target price on Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Needham & Company LLC increased their price target on shares of Globant from $200.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, August 16th. UBS Group restated a “neutral” rating and set a $235.00 price target (up from $225.00) on shares of Globant in a research report on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft started coverage on Globant in a report on Thursday, August 22nd. They set a “hold” rating and a $210.00 target price on the stock. Finally, TD Cowen raised their price objective on shares of Globant from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $228.50.

Globant Stock Down 11.1 %

Shares of NYSE:GLOB traded down $25.50 during mid-day trading on Friday, reaching $203.29. 1,348,800 shares of the stock were exchanged, compared to its average volume of 483,667. The stock’s 50 day simple moving average is $208.98 and its 200-day simple moving average is $191.01. The company has a market cap of $8.76 billion, a P/E ratio of 53.04, a P/E/G ratio of 2.91 and a beta of 1.39. Globant has a one year low of $151.68 and a one year high of $251.50.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, topping the consensus estimate of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The business had revenue of $587.46 million during the quarter, compared to the consensus estimate of $586.72 million. During the same quarter in the previous year, the firm posted $1.04 EPS. Globant’s revenue was up 18.1% compared to the same quarter last year. Analysts anticipate that Globant will post 5.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP grew its holdings in shares of Globant by 529.6% in the 2nd quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock worth $30,000 after acquiring an additional 143 shares during the period. Ridgewood Investments LLC purchased a new position in Globant in the second quarter valued at about $31,000. BOKF NA lifted its position in shares of Globant by 15,800.0% during the first quarter. BOKF NA now owns 159 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 158 shares in the last quarter. ORG Partners LLC grew its position in shares of Globant by 65.5% during the third quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock worth $38,000 after buying an additional 76 shares in the last quarter. Finally, American National Bank & Trust increased its holdings in Globant by 430.2% in the third quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock valued at $45,000 after buying an additional 185 shares during the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

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.