Citigroup Lowers Globant (NYSE:GLOB) Price Target to $235.00

Globant (NYSE:GLOB) had its price target cut by Citigroup from $275.00 to $235.00 in a report published on Monday, Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

Other equities research analysts have also issued research reports about the company. HSBC reduced their price objective on Globant from $275.00 to $270.00 and set a buy rating on the stock in a research report on Wednesday, April 3rd. Piper Sandler boosted their price objective on Globant from $257.00 to $290.00 and gave the stock an overweight rating in a research report on Friday, February 16th. Needham & Company LLC boosted their price objective on Globant from $215.00 to $275.00 and gave the stock a buy rating in a research report on Friday, January 26th. Canaccord Genuity Group restated a hold rating and set a $230.00 price objective on shares of Globant in a research report on Tuesday, February 20th. Finally, JPMorgan Chase & Co. boosted their price objective on Globant from $266.00 to $275.00 and gave the stock an overweight rating in a research report on Wednesday, February 14th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Globant currently has a consensus rating of Moderate Buy and an average price target of $244.24.

Globant Stock Performance

Globant stock opened at $183.32 on Monday. Globant has a 52 week low of $135.40 and a 52 week high of $251.50. The stock has a market capitalization of $7.90 billion, a P/E ratio of 50.50, a price-to-earnings-growth ratio of 1.36 and a beta of 1.35. The stock has a fifty day moving average of $206.27 and a 200-day moving average of $212.32.

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). The firm had revenue of $580.71 million for the quarter, compared to the consensus estimate of $579.70 million. Globant had a return on equity of 11.38% and a net margin of 7.56%. On average, research analysts forecast that Globant will post 5.03 earnings per share for the current year.

Institutional Investors Weigh In On Globant

Several institutional investors and hedge funds have recently made changes to their positions in GLOB. Jennison Associates LLC boosted its position in shares of Globant by 289.5% during the 4th quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider’s stock valued at $228,659,000 after purchasing an additional 714,162 shares in the last quarter. Norges Bank bought a new stake in shares of Globant during the 4th quarter valued at about $114,922,000. Invesco Ltd. boosted its position in shares of Globant by 155.2% during the 3rd quarter. Invesco Ltd. now owns 611,061 shares of the information technology services provider’s stock valued at $120,898,000 after purchasing an additional 371,628 shares in the last quarter. Wasatch Advisors LP boosted its position in shares of Globant by 6.8% during the 1st quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock valued at $673,693,000 after purchasing an additional 213,049 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Globant by 36.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 705,090 shares of the information technology services provider’s stock valued at $167,797,000 after purchasing an additional 189,204 shares in the last quarter. 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.