Globant (NYSE:GLOB) Price Target Lowered to $230.00 at Scotiabank

Globant (NYSE:GLOB) had its price target cut by Scotiabank from $260.00 to $230.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a sector outperform rating on the information technology services provider’s stock.

GLOB has been the subject of a number of other reports. HSBC cut their price objective on Globant from $275.00 to $270.00 and set a buy rating for the company in a research note on Wednesday, April 3rd. Guggenheim began coverage on shares of Globant in a research note on Tuesday, March 19th. They issued a buy rating and a $250.00 price objective for the company. Piper Sandler raised their price objective on shares of Globant from $257.00 to $290.00 and gave the company an overweight rating in a research report on Friday, February 16th. Mizuho reaffirmed a buy rating and issued a $279.00 target price (down previously from $283.00) on shares of Globant in a report on Tuesday, February 20th. Finally, Canaccord Genuity Group reissued a hold rating and set a $230.00 price target on shares of Globant in a report on Tuesday, February 20th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $245.41.

Globant Price Performance

Shares of Globant stock opened at $183.71 on Monday. Globant has a 1-year low of $135.40 and a 1-year high of $251.50. The company’s fifty day simple moving average is $203.41 and its 200-day simple moving average is $212.15. The stock has a market capitalization of $7.92 billion, a PE ratio of 50.61, a P/E/G ratio of 1.37 and a beta of 1.35.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, February 15th. The information technology services provider reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.08). Globant had a return on equity of 11.38% and a net margin of 7.56%. The company had revenue of $580.71 million during the quarter, compared to the consensus estimate of $579.70 million. As a group, research analysts anticipate that Globant will post 5.03 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Trust Point Inc. bought a new position in Globant during the fourth quarter valued at $1,741,000. DekaBank Deutsche Girozentrale lifted its holdings in shares of Globant by 146.4% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 45,190 shares of the information technology services provider’s stock valued at $10,734,000 after acquiring an additional 26,850 shares during the last quarter. New York Life Investment Management LLC grew its position in Globant by 112.6% in the third quarter. New York Life Investment Management LLC now owns 4,411 shares of the information technology services provider’s stock worth $873,000 after acquiring an additional 2,336 shares in the last quarter. Deutsche Bank AG grew its position in Globant by 1.2% in the third quarter. Deutsche Bank AG now owns 138,062 shares of the information technology services provider’s stock worth $27,316,000 after acquiring an additional 1,584 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Globant during the fourth quarter worth approximately $4,587,000. 91.60% of the stock is owned by hedge funds and other 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.