StockNews.com Lowers Globant (NYSE:GLOB) to Sell

StockNews.com downgraded shares of Globant (NYSE:GLOB) from a hold rating to a sell rating in a research report released on Tuesday.

Other analysts have also recently issued research reports about the company. TD Cowen increased their target price on Globant from $220.00 to $230.00 and gave the stock a buy rating in a research report on Friday, August 16th. The Goldman Sachs Group assumed coverage on shares of Globant in a report on Monday, June 24th. They set a buy rating and a $200.00 price objective for the company. Mizuho lowered their target price on shares of Globant from $279.00 to $252.00 and set a buy rating on the stock in a report on Wednesday, May 22nd. Piper Sandler reaffirmed an overweight rating and set a $240.00 target price (up from $238.00) on shares of Globant in a research note on Friday, August 16th. Finally, KeyCorp lifted their price target on shares of Globant from $220.00 to $235.00 and gave the company an overweight rating in a report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Hold and an average target price of $221.42.

Globant Trading Up 0.9 %

NYSE GLOB opened at $199.54 on Tuesday. Globant has a 12 month low of $151.68 and a 12 month high of $251.50. The stock has a market cap of $8.60 billion, a price-to-earnings ratio of 52.37, a PEG ratio of 1.98 and a beta of 1.41. The company’s 50 day moving average is $189.52 and its two-hundred day moving average is $190.44.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating the consensus estimate of $1.50 by $0.01. The firm had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. Globant had a net margin of 7.62% and a return on equity of 11.60%. The company’s revenue was up 18.1% on a year-over-year basis. During the same period last year, the firm earned $1.04 EPS. Sell-side analysts forecast that Globant will post 5 EPS for the current year.

Institutional Trading of Globant

A number of institutional investors have recently bought and sold shares of the stock. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Globant in the 4th quarter worth about $490,000. Seven Eight Capital LP purchased a new stake in Globant in the 1st quarter worth about $2,138,000. Vanguard Group Inc. lifted its stake in Globant by 7.9% in the first quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock worth $22,681,000 after purchasing an additional 8,267 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Globant by 1,079.8% during the first quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock valued at $4,066,000 after buying an additional 18,433 shares during the period. Finally, Franklin Resources Inc. grew its stake in shares of Globant by 0.9% during the fourth quarter. Franklin Resources Inc. now owns 12,672 shares of the information technology services provider’s stock valued at $3,016,000 after buying an additional 111 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors.

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.