Globant (NYSE:GLOB) Lowered to Sell at Zacks Investment Research

Globant (NYSE:GLOBGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “Globant S.A. is a technology services provider. The Company provides engineering, design, and innovation services for clients. Globant offers content management systems; and e-commerce applications. It is also involved in the provision of data management solutions; and quality assurance engagement strategy, mobile testing, test automation, load and performance testing, and game testing services. It provides various software solutions primarily in North America, Europe, Latin America, and internationally. Globant S.A. is based in Luxembourg. “

Other equities analysts have also recently issued research reports about the stock. TheStreet cut shares of Globant from a “b-” rating to a “c+” rating in a research report on Thursday, May 5th. StockNews.com started coverage on shares of Globant in a report on Thursday, March 31st. They issued a “hold” rating on the stock. Cowen cut their price target on shares of Globant from $305.00 to $240.00 in a report on Friday. Citigroup cut their price target on shares of Globant from $350.00 to $265.00 and set a “buy” rating on the stock in a report on Friday. Finally, Piper Sandler cut their price target on shares of Globant from $339.00 to $223.00 and set an “overweight” rating on the stock in a report on Friday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $298.78.

NYSE:GLOB traded down $2.83 during trading hours on Friday, reaching $182.39. The company’s stock had a trading volume of 1,182,109 shares, compared to its average volume of 360,529. The firm has a market capitalization of $7.64 billion, a price-to-earnings ratio of 79.65 and a beta of 1.51. The firm has a 50-day simple moving average of $229.92 and a 200-day simple moving average of $257.11. Globant has a 1 year low of $159.56 and a 1 year high of $354.62.

Globant (NYSE:GLOBGet Rating) last issued its earnings results on Thursday, May 19th. The information technology services provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.03. The company had revenue of $401.38 million for the quarter, compared to analysts’ expectations of $397.41 million. Globant had a net margin of 7.41% and a return on equity of 10.79%. The firm’s revenue was up 48.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.66 EPS. Research analysts expect that Globant will post 3.98 EPS for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC boosted its stake in Globant by 186.0% during the third quarter. Barclays PLC now owns 9,970 shares of the information technology services provider’s stock worth $2,801,000 after acquiring an additional 6,484 shares in the last quarter. CIBC Asset Management Inc bought a new stake in Globant during the third quarter worth about $200,000. Alliancebernstein L.P. boosted its stake in Globant by 6.9% during the third quarter. Alliancebernstein L.P. now owns 19,913 shares of the information technology services provider’s stock worth $5,596,000 after acquiring an additional 1,292 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its stake in Globant by 62.4% during the third quarter. O Shaughnessy Asset Management LLC now owns 1,873 shares of the information technology services provider’s stock worth $526,000 after acquiring an additional 720 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its stake in Globant by 57.3% during the third quarter. Panagora Asset Management Inc. now owns 1,513 shares of the information technology services provider’s stock worth $425,000 after acquiring an additional 551 shares in the last quarter. 88.21% of the stock is currently owned by hedge funds and other institutional investors.

About Globant (Get Rating)

Globant SA operates as a technology services company worldwide. It offers e-commerce, new distribution capabilities, augmented revenue management, hyper connected operation, and conversational user experience services through reinvention studios; digital lending, commercial effectiveness, finance, sustainability, regulation analytic, transformation and post-merger integration, and payment and open banking services; and game and graphic engineering, UI and UX design, game as a service, DevOps, and online services, as well as high tech tools.

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