Globant (NYSE:GLOB) Downgraded by StockNews.com to Sell

Globant (NYSE:GLOB) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report released on Saturday.

GLOB has been the topic of several other reports. Scotiabank reduced their target price on Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a report on Monday, February 24th. Needham & Company LLC restated a “buy” rating and set a $220.00 price target on shares of Globant in a report on Wednesday, March 12th. JPMorgan Chase & Co. decreased their price objective on Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Jefferies Financial Group increased their price objective on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Piper Sandler cut their price target on shares of Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $219.71.

Globant Price Performance

GLOB stock opened at $118.48 on Friday. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of 31.85, a PEG ratio of 2.38 and a beta of 1.47. Globant has a 1-year low of $117.61 and a 1-year high of $238.32. The business has a 50 day simple moving average of $174.61 and a two-hundred day simple moving average of $200.38.

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 company had revenue of $642.48 million for 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%. Sell-side analysts anticipate that Globant will post 5.73 EPS for the current fiscal year.

Institutional Trading of Globant

Several hedge funds and other institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new position in Globant in the 4th quarter worth $274,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Globant in the 4th quarter worth about $18,828,000. Jefferies Financial Group Inc. boosted its holdings in shares of Globant by 5.6% in the 4th quarter. Jefferies Financial Group Inc. now owns 16,400 shares of the information technology services provider’s stock worth $3,516,000 after acquiring an additional 870 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its holdings in shares of 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 buying an additional 76,000 shares during the last quarter. Finally, Vident Advisory LLC acquired a new position in Globant during the 4th quarter worth about $235,000. Institutional investors and hedge funds 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.