Globant (NYSE:GLOB) Given New $165.00 Price Target at Canaccord Genuity Group

Globant (NYSE:GLOB) had its price target cut by research analysts at Canaccord Genuity Group from $205.00 to $165.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the information technology services provider’s stock. Canaccord Genuity Group’s target price points to a potential upside of 8.54% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. JPMorgan Chase & Co. dropped their price objective on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a report on Friday. StockNews.com raised Globant from a “sell” rating to a “hold” rating in a report on Sunday, November 24th. Needham & Company LLC decreased their price target on shares of Globant from $265.00 to $220.00 and set a “buy” rating for the company in a research report on Friday. Scotiabank increased their price target on Globant from $210.00 to $220.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 19th. Finally, Jefferies Financial Group lifted their price objective on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Globant has an average rating of “Moderate Buy” and a consensus target price of $224.83.

Globant Stock Performance

Shares of GLOB stock opened at $152.02 on Monday. The company has a market capitalization of $6.55 billion, a P/E ratio of 40.86, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39. Globant has a 52 week low of $151.38 and a 52 week high of $238.32. The company’s 50 day moving average price is $214.07 and its two-hundred day moving average price is $210.96.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). The business had revenue of $642.48 million for the quarter, compared to the consensus estimate of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. Analysts forecast that Globant will post 5.73 earnings per share for the current year.

Institutional Trading of Globant

Several large investors have recently added to or reduced their stakes in the business. Creative Planning raised its stake in Globant by 20.5% during the 3rd quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock valued at $409,000 after purchasing an additional 351 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Globant during the third quarter valued at approximately $11,145,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Globant by 18.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,816 shares of the information technology services provider’s stock valued at $10,663,000 after acquiring an additional 8,427 shares in the last quarter. Principal Financial Group Inc. raised its position in Globant by 121.3% during the 3rd quarter. Principal Financial Group Inc. now owns 30,351 shares of the information technology services provider’s stock valued at $6,014,000 after purchasing an additional 16,639 shares in the last quarter. Finally, Brown Brothers Harriman & Co. lifted its stake in Globant by 32.1% in the third quarter. Brown Brothers Harriman & Co. now owns 204,135 shares of the information technology services provider’s stock worth $40,447,000 after acquiring an additional 49,597 shares during the period. 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.