Globant (NYSE:GLOB) Downgraded to Neutral Rating by The Goldman Sachs Group

The Goldman Sachs Group downgraded shares of Globant (NYSE:GLOB) from a buy rating to a neutral rating in a research note published on Friday morning, Marketbeat reports. They currently have $120.00 price objective on the information technology services provider’s stock.

A number of other research firms have also recently commented on GLOB. Scotiabank cut their price objective on Globant from $170.00 to $140.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 29th. JPMorgan Chase & Co. lowered their price target on Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Piper Sandler lowered Globant from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $154.00 to $116.00 in a research note on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price target on shares of Globant in a research note on Wednesday, March 12th. Finally, UBS Group lowered their price target on Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $185.38.

Globant Price Performance

Globant stock opened at $100.58 on Friday. The stock has a market capitalization of $4.43 billion, a PE ratio of 27.04, a price-to-earnings-growth ratio of 2.38 and a beta of 1.37. Globant has a 12 month low of $88.03 and a 12 month high of $238.32. The business has a 50 day simple moving average of $118.69 and a 200-day simple moving average of $176.94.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). The business had revenue of $611.09 million during the quarter, compared to analysts’ expectations of $622.18 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.53 earnings per share. On average, equities research analysts anticipate that Globant will post 5.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Globant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its stake in Globant by 0.6% during the third quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock worth $2,704,000 after buying an additional 71 shares during the last quarter. Congress Wealth Management LLC DE lifted its stake in shares of Globant by 2.9% in the 4th quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider’s stock valued at $575,000 after purchasing an additional 76 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Globant by 29.7% in the 1st quarter. Signaturefd LLC now owns 389 shares of the information technology services provider’s stock valued at $46,000 after purchasing an additional 89 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in shares of Globant by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 18,490 shares of the information technology services provider’s stock valued at $3,965,000 after purchasing an additional 110 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in shares of Globant by 23.6% in the 1st quarter. Blue Trust Inc. now owns 607 shares of the information technology services provider’s stock valued at $71,000 after purchasing an additional 116 shares during the last quarter. 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.