Globant (NYSE:GLOB – Get Free Report) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
A number of other equities analysts have also commented on the company. The Goldman Sachs Group initiated coverage on Globant in a research note on Monday, June 24th. They set a “buy” rating and a $200.00 price target for the company. Needham & Company LLC reissued a “buy” rating and issued a $200.00 target price on shares of Globant in a report on Thursday, June 13th. Redburn Atlantic began coverage on shares of Globant in a research note on Friday, May 24th. They set a “sell” rating and a $135.00 price target on the stock. KeyCorp lowered their price objective on shares of Globant from $272.00 to $220.00 and set an “overweight” rating for the company in a research report on Friday, May 17th. Finally, UBS Group upgraded shares of Globant from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $240.00 to $230.00 in a report on Tuesday, May 28th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $217.28.
Globant Price Performance
Shares of NYSE GLOB traded up $4.80 during mid-day trading on Tuesday, reaching $189.97. The company’s stock had a trading volume of 465,318 shares, compared to its average volume of 509,809. Globant has a 52 week low of $151.68 and a 52 week high of $251.50. The stock has a fifty day moving average of $179.21 and a two-hundred day moving average of $193.18. The firm has a market capitalization of $8.19 billion, a PE ratio of 49.86, a P/E/G ratio of 1.98 and a beta of 1.41.
Globant (NYSE:GLOB – Get Free Report) last posted its quarterly earnings results on Thursday, May 16th. The information technology services provider reported $1.19 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.01. Globant had a return on equity of 11.60% and a net margin of 7.62%. The business had revenue of $571.08 million during the quarter, compared to the consensus estimate of $570.72 million. Analysts anticipate that Globant will post 5 EPS for the current fiscal year.
Institutional Investors Weigh In On Globant
Large investors have recently added to or reduced their stakes in the stock. Jennison Associates LLC lifted its position in shares of Globant by 289.5% in the 4th quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider’s stock worth $228,659,000 after purchasing an additional 714,162 shares during the period. Manning & Napier Advisors LLC purchased a new position in shares of Globant in the 2nd quarter worth approximately $99,396,000. Norges Bank bought a new position in shares of Globant during the 4th quarter worth approximately $114,922,000. Wasatch Advisors LP grew its holdings in Globant by 6.8% in the first quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock worth $673,693,000 after purchasing an additional 213,049 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Globant by 57.5% in the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after buying an additional 161,512 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other 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.