Mizuho Lowers Globant (NYSE:GLOB) Price Target to $153.00

Globant (NYSE:GLOB) had its target price dropped by Mizuho from $194.00 to $153.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “outperform” rating on the information technology services provider’s stock. Mizuho’s target price suggests a potential upside of 43.85% from the stock’s previous close.

A number of other equities analysts have also commented on GLOB. Canaccord Genuity Group cut their price objective on Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research note on Monday, February 24th. Jefferies Financial Group lifted their target price on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. UBS Group lowered their target price on Globant from $217.00 to $190.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. StockNews.com downgraded Globant from a “hold” rating to a “sell” rating in a report on Sunday, May 11th. Finally, Scotiabank lowered their target price on Globant from $170.00 to $140.00 and set a “sector perform” rating for the company in a report on Tuesday, April 29th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $179.19.

Globant Trading Up 0.9%

Shares of GLOB stock opened at $106.36 on Monday. The business’s 50-day moving average price is $117.70 and its 200-day moving average price is $175.72. Globant has a 12 month low of $88.03 and a 12 month high of $238.32. The firm has a market capitalization of $4.68 billion, a price-to-earnings ratio of 28.59, a PEG ratio of 2.38 and a beta of 1.37.

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 company had revenue of $611.09 million during the quarter, compared to analyst estimates of $622.18 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. Globant’s revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.53 earnings per share. On average, sell-side analysts predict that Globant will post 5.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Globant

A number of institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. increased its position in shares of Globant by 764.3% during the 1st quarter. Invesco Ltd. now owns 945,215 shares of the information technology services provider’s stock valued at $111,271,000 after purchasing an additional 835,859 shares during the last quarter. Royal Bank of Canada increased its position in shares of Globant by 293.5% during the 1st quarter. Royal Bank of Canada now owns 999,955 shares of the information technology services provider’s stock valued at $117,716,000 after purchasing an additional 745,848 shares during the last quarter. Westfield Capital Management Co. LP increased its position in shares of Globant by 209.0% during the 1st quarter. Westfield Capital Management Co. LP now owns 820,445 shares of the information technology services provider’s stock valued at $96,583,000 after purchasing an additional 554,938 shares during the last quarter. Nuveen LLC purchased a new stake in Globant during the 1st quarter valued at about $58,163,000. Finally, Manning & Napier Advisors LLC boosted its holdings in Globant by 86.3% during the 1st quarter. Manning & Napier Advisors LLC now owns 907,659 shares of the information technology services provider’s stock valued at $106,850,000 after acquiring an additional 420,382 shares during the period. 91.60% of the stock is currently owned by institutional investors.

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.