Globant (NYSE:GLOB) Downgraded by StockNews.com to Sell

Globant (NYSE:GLOB) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Monday.

Several other research firms also recently issued reports on GLOB. Piper Sandler cut their price objective on Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Scotiabank cut their price target on shares of Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a research note on Monday, February 24th. UBS Group lowered their price objective on shares of Globant from $217.00 to $190.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 target price on shares of Globant in a research note on Wednesday, March 12th. Finally, Jefferies Financial Group increased their target price on shares of Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $214.69.

Globant Trading Up 2.8 %

Shares of NYSE:GLOB opened at $107.59 on Monday. The business has a 50-day moving average price of $150.16 and a 200 day moving average price of $193.06. Globant has a 12-month low of $96.23 and a 12-month high of $238.32. The company has a market capitalization of $4.74 billion, a price-to-earnings ratio of 28.92, a PEG ratio of 2.38 and a beta of 1.50.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). The company had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. As a group, equities research analysts predict that Globant will post 5.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Globant

Large investors have recently bought and sold shares of the stock. GQG Partners LLC purchased a new stake in shares of Globant in the 4th quarter valued at about $84,906,000. Canada Pension Plan Investment Board acquired a new position in Globant in the fourth quarter valued at $60,913,000. JPMorgan Chase & Co. raised its holdings in shares of Globant by 8.6% in the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after buying an additional 203,472 shares during the last quarter. Capital International Investors boosted its stake in shares of Globant by 13.1% during the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock worth $364,723,000 after buying an additional 197,064 shares during the period. Finally, abrdn plc grew its holdings in shares of Globant by 36.7% during the fourth quarter. abrdn plc now owns 470,150 shares of the information technology services provider’s stock worth $101,564,000 after buying an additional 126,333 shares during the last quarter. Institutional investors and hedge funds 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.