Globant (NYSE:GLOB) Price Target Lowered to $165.00 at Canaccord Genuity Group

Globant (NYSE:GLOB) had its price target decreased by equities researchers at Canaccord Genuity Group from $205.00 to $165.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the information technology services provider’s stock. Canaccord Genuity Group’s price target would suggest a potential upside of 8.54% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. Needham & Company LLC dropped their price target on shares of Globant from $265.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday. UBS Group decreased their price target on shares of Globant from $222.00 to $217.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. TD Cowen lifted their price objective on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Piper Sandler reduced their target price on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a report on Friday. Finally, Susquehanna initiated coverage on Globant in a research report on Tuesday, December 17th. They issued a “positive” rating and a $255.00 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $224.83.

Globant Stock Down 27.7 %

Shares of NYSE:GLOB opened at $152.02 on Monday. The stock has a market cap of $6.55 billion, a price-to-earnings ratio of 40.86, a PEG ratio of 2.38 and a beta of 1.39. The business has a 50-day moving average price of $214.07 and a 200-day moving average price of $210.96. Globant has a 52-week low of $151.38 and a 52-week high of $238.32.

Globant (NYSE:GLOB) last released its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). The firm had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. As a group, equities analysts anticipate that Globant will post 5.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GLOB. Creative Planning raised its position in Globant by 20.5% in the third quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock valued at $409,000 after purchasing an additional 351 shares during the period. Signaturefd LLC increased its position in shares of Globant by 46.0% during the 3rd quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock worth $58,000 after purchasing an additional 92 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in Globant in the 3rd quarter valued at about $36,510,000. Stephens Inc. AR lifted its position in Globant by 10.0% in the third quarter. Stephens Inc. AR now owns 2,539 shares of the information technology services provider’s stock valued at $503,000 after buying an additional 230 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in Globant by 62.4% in the third quarter. Van ECK Associates Corp now owns 398 shares of the information technology services provider’s stock valued at $86,000 after buying an additional 153 shares during the last quarter. 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.