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

Globant (NYSE:GLOB) had its target price lowered by research analysts at Canaccord Genuity Group from $205.00 to $165.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “hold” rating on the information technology services provider’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 5.62% from the stock’s current price.

Several other analysts have also recently commented on the company. Susquehanna assumed coverage on shares of Globant in a research report on Tuesday, December 17th. They set a “positive” rating and a $255.00 target price for the company. Piper Sandler lowered their target price on shares of Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. TD Cowen upped their target price on Globant from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, November 15th. UBS Group dropped their price objective on shares of Globant from $222.00 to $217.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. Finally, Scotiabank raised their target price on Globant from $210.00 to $220.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.89.

Globant Stock Performance

Shares of NYSE:GLOB opened at $156.22 on Monday. Globant has a 52 week low of $151.38 and a 52 week high of $238.32. The firm has a market cap of $6.73 billion, a PE ratio of 41.99, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39. The firm’s fifty day moving average is $212.78 and its 200-day moving average is $210.75.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a return on equity of 11.83% and a net margin of 6.86%. The company had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. Sell-side analysts forecast that Globant will post 5.73 EPS for the current year.

Institutional Investors Weigh In On Globant

A number of institutional investors have recently added to or reduced their stakes in GLOB. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Globant by 163.4% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,500 shares of the information technology services provider’s stock worth $26,266,000 after buying an additional 76,000 shares in the last quarter. Vident Advisory LLC purchased a new stake in shares of Globant during the fourth quarter valued at approximately $235,000. Teza Capital Management LLC purchased a new stake in shares of Globant during the fourth quarter valued at approximately $8,650,000. Royal Bank of Canada lifted its holdings in Globant by 15.4% during the fourth quarter. Royal Bank of Canada now owns 254,107 shares of the information technology services provider’s stock worth $54,486,000 after acquiring an additional 33,921 shares during the period. Finally, Raiffeisen Bank International AG purchased a new position in Globant in the fourth quarter worth $171,000. 91.60% of the stock is 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.