Piper Sandler Has Lowered Expectations for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its price target cut by analysts at Piper Sandler from $240.00 to $237.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the information technology services provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 14.39% from the company’s current price.

A number of other equities analysts have also recently weighed in on the company. Canaccord Genuity Group upped their price target on Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Jefferies Financial Group boosted their price objective on Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Citigroup raised their target price on Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globant in a research report on Thursday, August 22nd. They set a “hold” rating and a $210.00 price target on the stock. Finally, KeyCorp lifted their price target on Globant from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, August 16th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, Globant presently has an average rating of “Moderate Buy” and a consensus target price of $226.83.

Globant Price Performance

GLOB traded down $21.61 during trading on Friday, reaching $207.18. 463,438 shares of the company’s stock were exchanged, compared to its average volume of 479,679. The company’s fifty day simple moving average is $208.82 and its 200-day simple moving average is $190.87. The stock has a market capitalization of $8.93 billion, a P/E ratio of 53.58, a price-to-earnings-growth ratio of 2.91 and a beta of 1.39. Globant has a 1 year low of $151.68 and a 1 year high of $251.50.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $586.72 million. During the same quarter last year, the company earned $1.04 EPS. The business’s revenue was up 18.1% on a year-over-year basis. Equities analysts forecast that Globant will post 5.06 EPS for the current year.

Institutional Investors Weigh In On Globant

Several large investors have recently modified their holdings of GLOB. BOKF NA raised its holdings in 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. Quarry LP increased its stake in shares of Globant by 529.6% during the 2nd quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 143 shares in the last quarter. Ridgewood Investments LLC acquired a new position in shares of Globant in the second quarter worth $31,000. ORG Partners LLC boosted its stake in shares of Globant by 65.5% during the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock worth $38,000 after purchasing an additional 76 shares during the last quarter. Finally, American National Bank & Trust boosted its position in Globant by 430.2% during the third quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock worth $45,000 after acquiring an additional 185 shares during the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

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.