JPMorgan Chase & Co. Issues Pessimistic Forecast for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its price objective decreased by JPMorgan Chase & Co. from $248.00 to $242.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 59.19% from the stock’s previous close.

Several other research firms also recently commented on GLOB. Canaccord Genuity Group restated a “hold” rating and set a $205.00 price objective on shares of Globant in a report on Monday, November 18th. Jefferies Financial Group boosted their price objective on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Susquehanna assumed coverage on Globant in a report on Tuesday, December 17th. They set a “positive” rating and a $255.00 price objective for the company. Piper Sandler decreased their price objective on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a report on Friday. Finally, StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a report on Sunday, November 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $227.06.

Globant Stock Performance

Shares of GLOB stock opened at $152.02 on Friday. The company has a market cap of $6.55 billion, a P/E ratio of 40.86, a PEG ratio of 2.38 and a beta of 1.39. The stock has a 50 day simple moving average of $214.07 and a two-hundred day simple moving average of $210.61. Globant has a fifty-two week low of $151.38 and a fifty-two week high of $238.32.

Globant (NYSE:GLOB) last issued its earnings results 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 business had revenue of $642.48 million during the quarter, compared to the consensus estimate of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. On average, research analysts predict that Globant will post 5.73 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of GLOB. Victory Capital Management Inc. grew its stake in Globant by 1,817.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after purchasing an additional 1,431,112 shares during the period. GQG Partners LLC bought a new position in shares of Globant during the 4th quarter worth $84,906,000. Canada Pension Plan Investment Board bought a new position in shares of Globant during the 4th quarter worth $60,913,000. JPMorgan Chase & Co. grew its stake in shares of Globant by 8.6% during the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock worth $551,506,000 after acquiring an additional 203,472 shares during the period. Finally, Capital International Investors grew its stake in shares of Globant by 13.1% during the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock worth $364,723,000 after acquiring an additional 197,064 shares during the period. Institutional investors own 91.60% of the company’s stock.

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.