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

Globant (NYSE:GLOB) had its price target dropped by research analysts at Citigroup from $275.00 to $235.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Citigroup’s price objective would suggest a potential upside of 29.91% from the stock’s previous close.

Other analysts also recently issued reports about the stock. Piper Sandler lifted their price target on shares of Globant from $257.00 to $290.00 and gave the company an “overweight” rating in a report on Friday, February 16th. KeyCorp boosted their target price on Globant from $266.00 to $272.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Guggenheim began coverage on Globant in a report on Tuesday, March 19th. They set a “buy” rating and a $250.00 price target for the company. UBS Group upped their price objective on Globant from $230.00 to $240.00 and gave the stock a “neutral” rating in a report on Monday, February 26th. Finally, Mizuho reissued 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. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $244.24.

Globant Stock Up 0.4 %

GLOB stock opened at $180.90 on Monday. The stock has a market cap of $7.79 billion, a P/E ratio of 49.83, a PEG ratio of 1.36 and a beta of 1.35. Globant has a twelve month low of $135.40 and a twelve month high of $251.50. The business’s 50-day moving average price is $207.29 and its 200-day moving average price is $212.53.

Globant (NYSE:GLOB) last released 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 business had revenue of $580.71 million during 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, equities research analysts expect that Globant will post 5.03 earnings per share for the current fiscal year.

Institutional Trading of Globant

A number of large investors have recently made changes to their positions in the stock. Wealth Alliance lifted its holdings in shares of Globant by 3.5% in the 3rd quarter. Wealth Alliance now owns 1,763 shares of the information technology services provider’s stock worth $349,000 after buying an additional 59 shares during the period. Janney Capital Management LLC lifted its stake in Globant by 2.5% in the third quarter. Janney Capital Management LLC now owns 2,462 shares of the information technology services provider’s stock worth $487,000 after acquiring an additional 61 shares during the period. National Bank of Canada FI increased its position in Globant by 1.9% during the 3rd quarter. National Bank of Canada FI now owns 3,447 shares of the information technology services provider’s stock valued at $693,000 after purchasing an additional 65 shares during the period. CWM LLC raised its holdings in shares of Globant by 13.5% in the 4th quarter. CWM LLC now owns 572 shares of the information technology services provider’s stock valued at $136,000 after purchasing an additional 68 shares in the last quarter. Finally, CI Investments Inc. lifted its position in shares of Globant by 122.0% in the 3rd quarter. CI Investments Inc. now owns 131 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 72 shares during the period. 91.60% of the stock is 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.