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

Globant (NYSE:GLOB) had its price objective decreased by analysts at Scotiabank from $260.00 to $230.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “sector outperform” rating on the information technology services provider’s stock. Scotiabank’s target price indicates a potential upside of 25.50% from the company’s previous close.

Other research analysts also recently issued reports about the stock. HSBC decreased their price target on shares of Globant from $275.00 to $270.00 and set a “buy” rating on the stock in a research report on Wednesday, April 3rd. Canaccord Genuity Group reiterated a “hold” rating and issued a $230.00 price target on shares of Globant in a research report on Tuesday, February 20th. Piper Sandler increased their price objective on shares of Globant from $257.00 to $290.00 and gave the stock an “overweight” rating in a research note on Friday, February 16th. Needham & Company LLC increased their price objective on shares of Globant from $215.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, January 26th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Globant from $266.00 to $275.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 14th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $245.41.

Globant Price Performance

Globant stock traded up $2.44 during midday trading on Monday, reaching $183.27. 134,328 shares of the company traded hands, compared to its average volume of 444,731. The firm has a market capitalization of $7.90 billion, a price-to-earnings ratio of 50.60, a price-to-earnings-growth ratio of 1.37 and a beta of 1.35. The business has a 50 day moving average of $204.22 and a two-hundred day moving average of $212.18. Globant has a 12 month low of $135.40 and a 12 month high of $251.50.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Thursday, February 15th. The information technology services provider reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.08). Globant had a net margin of 7.56% and a return on equity of 11.38%. The company had revenue of $580.71 million for the quarter, compared to the consensus estimate of $579.70 million. As a group, equities analysts forecast that Globant will post 5.03 EPS for the current year.

Hedge Funds Weigh In On Globant

A number of institutional investors and hedge funds have recently made changes to their positions in GLOB. CI Investments Inc. grew its stake in shares of Globant by 122.0% in the 3rd quarter. CI Investments Inc. now owns 131 shares of the information technology services provider’s stock worth $26,000 after buying an additional 72 shares in the last quarter. Accent Capital Management LLC purchased a new position in shares of Globant in the 4th quarter worth $29,000. Principal Securities Inc. purchased a new position in shares of Globant in the 4th quarter worth $56,000. GAMMA Investing LLC purchased a new position in shares of Globant in the 4th quarter worth $68,000. Finally, CWM LLC grew its stake in shares of Globant by 20.9% in the 3rd quarter. CWM LLC now owns 504 shares of the information technology services provider’s stock worth $100,000 after buying an additional 87 shares in the last quarter. 91.60% of the stock is 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.