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

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

Several other equities research analysts have also commented on GLOB. Piper Sandler boosted their target price on shares of Globant from $257.00 to $290.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. HSBC decreased their price objective 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. Mizuho restated a “buy” rating and issued a $279.00 target price (down from $283.00) on shares of Globant in a report on Tuesday, February 20th. KeyCorp upped their target price on shares of Globant from $266.00 to $272.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Globant from $266.00 to $275.00 and gave the company an “overweight” rating in a report on Wednesday, February 14th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $245.41.

Globant Stock Performance

GLOB stock traded up $2.44 during midday trading on Monday, reaching $183.27. 134,328 shares of the company were exchanged, compared to its average volume of 444,731. The stock’s 50-day simple moving average is $204.22 and its 200 day simple moving average is $212.18. The company has a market cap 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. Globant has a 1-year low of $135.40 and a 1-year high of $251.50.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, February 15th. The information technology services provider reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.08). The business had revenue of $580.71 million during the quarter, compared to analyst estimates of $579.70 million. Globant had a net margin of 7.56% and a return on equity of 11.38%. On average, research analysts anticipate that Globant will post 5.03 earnings per share for the current year.

Hedge Funds Weigh In On Globant

A number of institutional investors and hedge funds have recently bought and sold shares of GLOB. CI Investments Inc. boosted its stake in shares of Globant by 122.0% during the 3rd quarter. CI Investments Inc. now owns 131 shares of the information technology services provider’s stock valued at $26,000 after buying an additional 72 shares during the last quarter. Accent Capital Management LLC bought a new position in Globant during the fourth quarter worth $29,000. Principal Securities Inc. bought a new position in Globant during the fourth quarter worth $56,000. GAMMA Investing LLC bought a new position in Globant during the fourth quarter worth $68,000. Finally, CWM LLC lifted its stake in Globant by 20.9% during the third quarter. CWM LLC now owns 504 shares of the information technology services provider’s stock worth $100,000 after purchasing an additional 87 shares during the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.