Piper Sandler Has Lowered Expectations for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its target price cut by equities researchers at Piper Sandler from $240.00 to $237.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the information technology services provider’s stock. Piper Sandler’s target price indicates a potential upside of 16.58% from the stock’s previous close.

GLOB has been the topic of a number of other research reports. Needham & Company LLC lifted their target price on shares of Globant from $200.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. JPMorgan Chase & Co. boosted their target price on Globant from $237.00 to $248.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. TD Cowen raised their price target on Globant from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. Citigroup lifted their price target on Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Finally, UBS Group reissued a “neutral” rating and set a $235.00 price objective (up previously from $225.00) on shares of Globant in a research note on Tuesday, August 20th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $228.50.

Globant Trading Down 11.1 %

Shares of NYSE GLOB opened at $203.29 on Friday. The stock’s 50-day moving average is $208.98 and its 200 day moving average is $191.01. The stock has a market cap of $8.76 billion, a price-to-earnings ratio of 53.04, a P/E/G ratio of 2.91 and a beta of 1.39. Globant has a 1-year low of $151.68 and a 1-year high of $251.50.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The business had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. Globant had a net margin of 7.39% and a return on equity of 11.68%. The business’s quarterly revenue was up 18.1% on a year-over-year basis. During the same period last year, the business earned $1.04 earnings per share. On average, analysts forecast that Globant will post 5.06 EPS for the current fiscal year.

Institutional Investors Weigh In On Globant

Large investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System lifted its stake in shares of Globant by 6.7% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 46,238 shares of the information technology services provider’s stock valued at $9,335,000 after purchasing an additional 2,884 shares during the period. Orion Portfolio Solutions LLC raised its holdings in Globant by 5.6% in the first quarter. Orion Portfolio Solutions LLC now owns 14,966 shares of the information technology services provider’s stock worth $3,022,000 after purchasing an additional 794 shares in the last quarter. Jupiter Asset Management Ltd. raised its holdings in Globant by 14.6% in the first quarter. Jupiter Asset Management Ltd. now owns 42,584 shares of the information technology services provider’s stock worth $8,598,000 after purchasing an additional 5,441 shares in the last quarter. Vanguard Group Inc. lifted its position in Globant by 7.9% during the first quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock valued at $22,681,000 after buying an additional 8,267 shares during the period. Finally, Edgestream Partners L.P. bought a new stake in shares of Globant during the 1st quarter valued at $577,000. 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.