Piper Sandler Cuts Globant (NYSE:GLOB) Price Target to $237.00

Globant (NYSE:GLOB) had its price target lowered by analysts at Piper Sandler from $240.00 to $237.00 in a research report issued 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 14.39% from the stock’s current price.

GLOB has been the topic of several other reports. KeyCorp raised their price objective on shares of Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, August 16th. UBS Group reissued a “neutral” rating and set a $235.00 price target (up from $225.00) on shares of Globant in a report on Tuesday, August 20th. Jefferies Financial Group upped their price objective on Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Deutsche Bank Aktiengesellschaft began coverage on Globant in a report on Thursday, August 22nd. They issued a “hold” rating and a $210.00 price target on the stock. Finally, Canaccord Genuity Group increased their price objective on shares of Globant from $175.00 to $205.00 and gave the company a “hold” rating in a report on Wednesday, August 21st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $226.83.

Globant Stock Down 9.4 %

NYSE:GLOB traded down $21.61 during mid-day trading on Friday, hitting $207.18. 463,438 shares of the company traded hands, compared to its average volume of 479,679. The stock’s fifty day moving average price is $208.82 and its 200-day moving average price is $190.87. The firm has a market cap of $8.93 billion, a price-to-earnings ratio of 53.58, a price-to-earnings-growth ratio of 2.91 and a beta of 1.39. Globant has a one year low of $151.68 and a one year high of $251.50.

Globant (NYSE:GLOB) last released its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The company had revenue of $587.46 million during the quarter, compared to analyst estimates of $586.72 million. During the same period in the prior year, the firm posted $1.04 EPS. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. Equities analysts predict that Globant will post 5.06 EPS for the current year.

Hedge Funds Weigh In On Globant

A number of large investors have recently bought and sold shares of the business. IHT Wealth Management LLC boosted its holdings in shares of Globant by 66.4% in the 3rd quarter. IHT Wealth Management LLC now owns 5,360 shares of the information technology services provider’s stock valued at $1,059,000 after buying an additional 2,138 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Globant by 27.5% in the third quarter. Janus Henderson Group PLC now owns 40,586 shares of the information technology services provider’s stock worth $8,039,000 after purchasing an additional 8,743 shares during the last quarter. Centiva Capital LP purchased a new stake in shares of Globant during the 3rd quarter valued at $885,000. Benjamin Edwards Inc. boosted its position in shares of Globant by 229.8% in the 3rd quarter. Benjamin Edwards Inc. now owns 3,169 shares of the information technology services provider’s stock worth $628,000 after purchasing an additional 2,208 shares in the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in Globant by 74.5% during the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 46,500 shares of the information technology services provider’s stock worth $9,214,000 after buying an additional 19,854 shares during the last quarter. 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.