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

Globant (NYSE:GLOB) had its price objective decreased by analysts at Scotiabank from $260.00 to $230.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “sector outperform” rating on the information technology services provider’s stock. Scotiabank’s price objective suggests a potential upside of 28.79% from the stock’s current price.

A number of other brokerages have also recently issued reports on GLOB. Needham & Company LLC boosted their target price on shares of Globant from $215.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, January 26th. Guggenheim assumed coverage on shares of Globant in a research report on Tuesday, March 19th. They issued a “buy” rating and a $250.00 target price for the company. JPMorgan Chase & Co. boosted their target price on shares of Globant from $266.00 to $275.00 and gave the company an “overweight” rating in a research report on Wednesday, February 14th. UBS Group boosted their target price on shares of Globant from $230.00 to $240.00 and gave the company a “neutral” rating in a research report on Monday, February 26th. Finally, HSBC reduced their target price on shares of Globant from $275.00 to $270.00 and set a “buy” rating for the company in a research report on Wednesday, April 3rd. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $245.41.

Globant Price Performance

GLOB stock opened at $178.59 on Monday. The company has a fifty day moving average price of $202.54 and a two-hundred day moving average price of $212.07. Globant has a one year low of $135.40 and a one year high of $251.50. The stock has a market cap of $7.70 billion, a price-to-earnings ratio of 49.20, a price-to-earnings-growth ratio of 1.37 and a beta of 1.35.

Globant (NYSE:GLOB) last released its quarterly earnings data 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). Globant had a return on equity of 11.38% and a net margin of 7.56%. The company had revenue of $580.71 million for the quarter, compared to the consensus estimate of $579.70 million. Research analysts anticipate that Globant will post 5.03 EPS for the current fiscal year.

Institutional Trading of Globant

Institutional investors have recently added to or reduced their stakes in the stock. CI Investments Inc. boosted its holdings 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 worth $26,000 after buying an additional 72 shares in the last quarter. Accent Capital Management LLC bought a new position in shares of Globant during the 4th quarter worth approximately $29,000. Principal Securities Inc. bought a new position in shares of Globant during the 4th quarter worth approximately $56,000. GAMMA Investing LLC bought a new position in shares of Globant during the 4th quarter worth approximately $68,000. Finally, CWM LLC boosted its holdings in shares of Globant by 20.9% during the 3rd quarter. CWM LLC now owns 504 shares of the information technology services provider’s stock worth $100,000 after buying an additional 87 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

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.