Globant (NYSE:GLOB) Given New $170.00 Price Target at Scotiabank

Globant (NYSE:GLOB) had its price objective lowered by research analysts at Scotiabank from $220.00 to $170.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “sector perform” rating on the information technology services provider’s stock. Scotiabank’s target price points to a potential upside of 8.82% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the company. UBS Group decreased their target price on Globant from $222.00 to $217.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a report on Sunday, November 24th. Canaccord Genuity Group decreased their target price on shares of Globant from $205.00 to $165.00 and set a “hold” rating for the company in a report on Monday. JPMorgan Chase & Co. cut their price target on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Finally, Needham & Company LLC decreased their price objective on shares of Globant from $265.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $222.89.

Globant Stock Up 1.5 %

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 P/E ratio of 41.99, a PEG ratio of 2.38 and a beta of 1.39. The business’s 50-day moving average price is $212.78 and its 200 day moving average price is $210.75.

Globant (NYSE:GLOB) last released 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). The business had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. Sell-side analysts expect that Globant will post 5.73 EPS for the current year.

Hedge Funds Weigh In On Globant

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

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.