Citigroup Trims Globant (NYSE:GLOB) Target Price to $235.00

Globant (NYSE:GLOB) had its price target decreased by Citigroup from $275.00 to $235.00 in a research report released on Monday morning, Benzinga reports. Citigroup currently has a buy rating on the information technology services provider’s stock.

GLOB has been the subject of a number of other research reports. Wedbush reiterated an outperform rating and issued a $250.00 price objective on shares of Globant in a research report on Friday, February 16th. KeyCorp raised their target price on Globant from $266.00 to $272.00 and gave the stock an overweight rating in a research report on Friday, February 16th. Piper Sandler raised their target price on Globant from $257.00 to $290.00 and gave the stock an overweight rating in a research report on Friday, February 16th. Canaccord Genuity Group restated a hold rating and set a $230.00 target price on shares of Globant in a research report on Tuesday, February 20th. Finally, Mizuho restated a buy rating and set a $279.00 target price (down previously from $283.00) on shares of Globant in a research report on Tuesday, February 20th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $244.24.

Globant Trading Down 2.3 %

Shares of GLOB stock opened at $179.14 on Monday. The stock has a 50 day moving average of $205.08 and a two-hundred day moving average of $212.09. Globant has a 12 month low of $135.40 and a 12 month high of $251.50. The company has a market capitalization of $7.72 billion, a P/E ratio of 49.35, a P/E/G ratio of 1.37 and a beta of 1.35.

Globant (NYSE:GLOB) last announced its quarterly earnings data 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 firm had revenue of $580.71 million during the quarter, compared to the consensus estimate of $579.70 million. Sell-side analysts predict that Globant will post 5.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Verdence Capital Advisors LLC increased its stake in shares of Globant by 36.0% in the 1st quarter. Verdence Capital Advisors LLC now owns 4,281 shares of the information technology services provider’s stock valued at $864,000 after buying an additional 1,133 shares during the period. Shaker Investments LLC OH increased its stake in shares of Globant by 7.7% in the 1st quarter. Shaker Investments LLC OH now owns 17,031 shares of the information technology services provider’s stock valued at $3,439,000 after buying an additional 1,221 shares during the period. Raymond James & Associates increased its stake in shares of Globant by 37.4% in the 1st quarter. Raymond James & Associates now owns 64,533 shares of the information technology services provider’s stock valued at $13,029,000 after buying an additional 17,554 shares during the period. Maryland State Retirement & Pension System acquired a new stake in shares of Globant in the 1st quarter valued at $631,000. Finally, Norden Group LLC acquired a new stake in shares of Globant in the 1st quarter valued at $659,000. 91.60% of the stock is owned by institutional investors and hedge funds.

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.