Globant (NYSE:GLOB) Price Target Cut to $115.00 by Analysts at Needham & Company LLC

Globant (NYSE:GLOB) had its price target lowered by Needham & Company LLC from $130.00 to $115.00 in a report issued on Friday,Benzinga reports. Needham & Company LLC currently has a buy rating on the information technology services provider’s stock.

A number of other equities research analysts also recently issued reports on the company. StockNews.com downgraded Globant from a “hold” rating to a “sell” rating in a research report on Sunday, May 11th. The Goldman Sachs Group cut Globant from a “buy” rating to a “neutral” rating and set a $120.00 price objective on the stock. in a research report on Friday. Redburn Atlantic upgraded shares of Globant from a “sell” rating to a “neutral” rating and lifted their target price for the company from $140.00 to $150.00 in a report on Tuesday, February 25th. 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 research note on Monday, February 24th. Finally, Jefferies Financial Group boosted 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. One 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 has a consensus rating of “Hold” and an average price target of $185.38.

Globant Trading Down 24.3%

Shares of NYSE GLOB opened at $100.58 on Friday. The stock has a fifty day simple moving average of $118.69 and a two-hundred day simple moving average of $176.94. Globant has a 1-year low of $88.03 and a 1-year high of $238.32. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of 27.04, a price-to-earnings-growth ratio of 2.38 and a beta of 1.37.

Globant (NYSE:GLOB) last posted its quarterly earnings results 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). Globant had a return on equity of 11.83% and a net margin of 6.86%. The company had revenue of $611.09 million during the quarter, compared to the consensus estimate of $622.18 million. During the same period in the previous year, the business earned $1.53 earnings per share. Globant’s revenue was up 7.0% on a year-over-year basis. Analysts forecast that Globant will post 5.73 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Franklin Resources Inc. increased its stake in shares of Globant by 0.6% in the third quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock valued at $2,704,000 after buying an additional 71 shares during the period. Congress Wealth Management LLC DE lifted its holdings in Globant by 2.9% in the fourth quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider’s stock valued at $575,000 after acquiring an additional 76 shares during the period. Signaturefd LLC boosted its holdings 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 worth $46,000 after purchasing an additional 89 shares during the period. Treasurer of the State of North Carolina raised its position in Globant by 0.6% during 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 in the last quarter. Finally, Blue Trust Inc. raised its position 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 worth $71,000 after acquiring an additional 116 shares in the last quarter. Institutional investors 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.