Globant (NYSE:GLOB) Price Target Cut to $252.00

Globant (NYSE:GLOB) had its price objective decreased by Mizuho from $279.00 to $252.00 in a research note issued to investors on Wednesday morning, Benzinga reports. Mizuho currently has a buy rating on the information technology services provider’s stock.

Several other equities research analysts have also recently commented on GLOB. JPMorgan Chase & Co. cut their price target on Globant from $273.00 to $257.00 and set an overweight rating for the company in a report on Thursday, May 2nd. Citigroup cut their price target on Globant from $235.00 to $215.00 and set a buy rating for the company in a report on Friday, May 17th. UBS Group increased their price target on Globant from $230.00 to $240.00 and gave the company a neutral rating in a report on Monday, February 26th. Needham & Company LLC cut their target price on Globant from $275.00 to $200.00 and set a buy rating for the company in a research note on Friday, May 17th. Finally, StockNews.com raised Globant from a sell rating to a hold rating in a research note on Tuesday, May 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $218.50.

Globant Price Performance

NYSE GLOB opened at $166.49 on Wednesday. Globant has a 1-year low of $160.12 and a 1-year high of $251.50. The company has a market cap of $7.17 billion, a PE ratio of 43.70, a price-to-earnings-growth ratio of 1.34 and a beta of 1.35. The stock’s 50 day simple moving average is $187.61 and its 200-day simple moving average is $211.55.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the company. Cetera Advisors LLC purchased a new position in Globant in the first quarter valued at $297,000. Cetera Investment Advisers boosted its holdings in Globant by 1,079.8% in the first quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock valued at $4,066,000 after purchasing an additional 18,433 shares during the period. Swedbank AB purchased a new position in Globant in the first quarter valued at $9,974,000. Vancity Investment Management Ltd boosted its holdings in Globant by 11.7% in the first quarter. Vancity Investment Management Ltd now owns 4,598 shares of the information technology services provider’s stock valued at $928,000 after purchasing an additional 482 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in Globant by 17.6% in the first quarter. Janus Henderson Group PLC now owns 16,906 shares of the information technology services provider’s stock valued at $3,414,000 after purchasing an additional 2,529 shares during the period. 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.