JPMorgan Chase & Co. Lowers Globant (NYSE:GLOB) Price Target to $257.00

Globant (NYSE:GLOB) had its target price decreased by JPMorgan Chase & Co. from $273.00 to $257.00 in a report released on Thursday, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the information technology services provider’s stock.

Other equities analysts have also recently issued reports about the company. UBS Group raised their price objective on Globant from $230.00 to $240.00 and gave the stock a neutral rating in a research note on Monday, February 26th. KeyCorp lifted their price target on shares of Globant from $266.00 to $272.00 and gave the company an overweight rating in a report on Friday, February 16th. Guggenheim assumed coverage on shares of Globant in a research report on Tuesday, March 19th. They set a buy rating and a $250.00 price objective for the company. Mizuho reissued a buy rating and issued a $279.00 target price (down previously from $283.00) on shares of Globant in a report on Tuesday, February 20th. Finally, Scotiabank lowered their target price on Globant from $260.00 to $230.00 and set a sector outperform rating for the company in a report on Monday, April 29th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, Globant currently has a consensus rating of Moderate Buy and an average target price of $244.35.

Globant Trading Up 3.3 %

Globant stock opened at $185.55 on Thursday. The stock has a 50 day moving average of $199.92 and a 200-day moving average of $211.79. The stock has a market cap of $8.00 billion, a P/E ratio of 51.12, a price-to-earnings-growth ratio of 1.40 and a beta of 1.35. Globant has a 52 week low of $135.40 and a 52 week high of $251.50.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, February 15th. The information technology services provider reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.34 by ($0.08). The company had revenue of $580.71 million for the quarter, compared to analyst estimates of $579.70 million. Globant had a return on equity of 11.38% and a net margin of 7.56%. As a group, equities analysts predict that Globant will post 5.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GLOB. RiverPark Advisors LLC bought a new stake in shares of Globant during the 1st quarter valued at $54,000. Janney Montgomery Scott LLC lifted its stake in Globant by 11.9% in the first quarter. Janney Montgomery Scott LLC now owns 16,157 shares of the information technology services provider’s stock valued at $3,262,000 after buying an additional 1,715 shares during the period. BNP Paribas Financial Markets boosted its holdings in Globant by 733.4% during the first quarter. BNP Paribas Financial Markets now owns 18,235 shares of the information technology services provider’s stock worth $3,682,000 after buying an additional 16,047 shares during the last quarter. Norden Group LLC acquired a new position in shares of Globant during the 1st quarter worth about $659,000. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of Globant by 3.9% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 2,140 shares of the information technology services provider’s stock worth $432,000 after buying an additional 81 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.