Equities

Globant (NYSE:GLOB) PT Lowered to $204.00

Piper Sandler decreased their target price on shares of Globant from $219.00 to $204.00 and set an "overweight" rating on the stock in a report on Friday.

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Feb 4, 2023 • 3 min read

Globant (NYSE:GLOB - Get Rating) had its target price lowered by equities research analysts at Piper Sandler from $219.00 to $204.00 in a report issued on Friday, Benzinga reports. The firm currently has an "overweight" rating on the information technology services provider's stock. Piper Sandler's price target would suggest a potential upside of 27.38% from the stock's previous close.

Several other research firms have also recently weighed in on GLOB. Cowen lowered their price target on shares of Globant from $210.00 to $207.00 and set an "outperform" rating on the stock in a report on Friday, November 18th. Citigroup lowered their price target on shares of Globant from $270.00 to $225.00 and set a "buy" rating on the stock in a report on Monday, November 21st. Cowen lowered their price target on shares of Globant from $210.00 to $207.00 and set an "outperform" rating on the stock in a report on Friday, November 18th. The Goldman Sachs Group lowered their target price on shares of Globant from $290.00 to $250.00 and set a "buy" rating on the stock in a report on Thursday, September 29th. Finally, JPMorgan Chase & Co. raised their target price on shares of Globant from $223.00 to $224.00 in a report on Thursday, December 15th. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $231.13.

Globant Stock Performance

Shares of NYSE:GLOB opened at $160.15 on Friday. Globant has a 52-week low of $154.82 and a 52-week high of $286.63. The company has a market capitalization of $6.71 billion, a P/E ratio of 49.28 and a beta of 1.40. The company has a 50-day simple moving average of $175.04 and a 200 day simple moving average of $190.29.

Globant (NYSE:GLOB - Get Rating) last released its quarterly earnings results on Thursday, November 17th. The information technology services provider reported $0.98 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.07). The company had revenue of $458.88 million during the quarter, compared to the consensus estimate of $457.30 million. Globant had a net margin of 8.31% and a return on equity of 11.76%. As a group, equities analysts forecast that Globant will post 4.08 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GLOB. Price T Rowe Associates Inc. MD increased its stake in Globant by 150.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 2,670,352 shares of the information technology services provider's stock valued at $499,571,000 after acquiring an additional 1,602,875 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Globant by 77.1% in the second quarter. JPMorgan Chase & Co. now owns 3,377,320 shares of the information technology services provider's stock valued at $587,653,000 after buying an additional 1,469,846 shares in the last quarter. Pendal Group Ltd acquired a new stake in Globant in the third quarter valued at approximately $256,020,000. Martin Currie Ltd. acquired a new stake in Globant in the second quarter valued at approximately $45,844,000. Finally, Thornburg Investment Management Inc. boosted its position in Globant by 6,384.6% in the second quarter. Thornburg Investment Management Inc. now owns 187,406 shares of the information technology services provider's stock valued at $32,609,000 after buying an additional 184,516 shares in the last quarter. 93.01% of the stock is owned by institutional investors.

Globant Company Profile

Globant SA operates as a technology services company worldwide. It offers e-commerce, new distribution capabilities, augmented revenue management, hyper connected operation, and conversational user experience services through reinvention studios; digital lending, commercial effectiveness, finance, sustainability, regulation analytic, transformation and post-merger integration, and payment and open banking services; and game and graphic engineering, UI and UX design, game as a service, DevOps, and online services, as well as high tech tools.