Globant (NYSE:GLOB) Rating Lowered to Neutral at Piper Sandler

Globant (NYSE:GLOB) was downgraded by stock analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued to investors on Friday, Marketbeat.com reports. They presently have a $116.00 price target on the information technology services provider’s stock, down from their previous price target of $154.00. Piper Sandler’s price target would indicate a potential upside of 15.34% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. UBS Group decreased their target price 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. JPMorgan Chase & Co. reduced their price objective on shares of Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Redburn Atlantic raised shares of Globant from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $140.00 to $150.00 in a research note on Tuesday, February 25th. Jefferies Financial Group lifted their price objective on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Finally, Susquehanna reduced their price objective on shares of Globant from $225.00 to $160.00 and set a “positive” rating for the company in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Globant presently has an average rating of “Hold” and a consensus price target of $185.38.

Globant Stock Performance

NYSE GLOB opened at $100.58 on Friday. Globant has a twelve month low of $88.03 and a twelve month high of $238.32. The stock has a market cap of $4.43 billion, a price-to-earnings ratio of 27.04, a PEG ratio of 2.38 and a beta of 1.37. The firm’s 50 day moving average price is $118.69 and its two-hundred day moving average price is $177.17.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). The company had revenue of $611.09 million for the quarter, compared to analyst estimates of $622.18 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period last year, the business earned $1.53 EPS. On average, research analysts forecast that Globant will post 5.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GLOB. Raymond James Financial Inc. bought a new position in Globant during the fourth quarter valued at about $16,737,000. Cullen Frost Bankers Inc. lifted its position in shares of Globant by 5.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 52,934 shares of the information technology services provider’s stock worth $11,350,000 after acquiring an additional 2,505 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Globant by 8.6% during the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock worth $551,506,000 after purchasing an additional 203,472 shares in the last quarter. NS Partners Ltd bought a new stake in shares of Globant during the fourth quarter valued at approximately $18,933,000. Finally, Segall Bryant & Hamill LLC increased its position in shares of Globant by 364.7% during the fourth quarter. Segall Bryant & Hamill LLC now owns 118,065 shares of the information technology services provider’s stock valued at $25,315,000 after purchasing an additional 92,661 shares during the period. 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.