Needham & Company LLC Has Lowered Expectations for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its price objective decreased by analysts at Needham & Company LLC from $130.00 to $115.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s target price indicates a potential upside of 14.34% from the stock’s current price.

Several other equities research analysts have also recently commented on GLOB. JPMorgan Chase & Co. dropped their price target on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Susquehanna dropped their price target on shares of Globant from $225.00 to $160.00 and set a “positive” rating on the stock in a research report on Wednesday, April 23rd. UBS Group dropped their price target on shares of Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Canaccord Genuity Group dropped their price target on shares of Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research report on Monday, February 24th. Finally, Piper Sandler cut Globant from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $154.00 to $116.00 in a research note on Friday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $185.38.

Globant Trading Down 24.3%

Shares of Globant stock opened at $100.58 on Friday. The company’s 50-day moving average price is $118.69 and its two-hundred day moving average price is $177.17. Globant has a 52 week low of $88.03 and a 52 week high of $238.32. The stock has a market cap of $4.43 billion, a PE ratio of 27.04, a price-to-earnings-growth ratio of 2.38 and a beta of 1.37.

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

Hedge Funds Weigh In On Globant

Several institutional investors and hedge funds have recently bought and sold shares of GLOB. Barclays PLC grew its stake in Globant by 132.9% during the 3rd quarter. Barclays PLC now owns 22,537 shares of the information technology services provider’s stock valued at $4,467,000 after acquiring an additional 12,862 shares in the last quarter. Franklin Resources Inc. grew its stake in Globant by 0.6% during the 3rd quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock valued at $2,704,000 after acquiring an additional 71 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Globant by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,368,608 shares of the information technology services provider’s stock valued at $469,316,000 after acquiring an additional 153,385 shares in the last quarter. Park Avenue Securities LLC grew its stake in Globant by 13.7% during the 4th quarter. Park Avenue Securities LLC now owns 7,815 shares of the information technology services provider’s stock valued at $1,676,000 after acquiring an additional 943 shares in the last quarter. Finally, Artemis Investment Management LLP grew its stake in Globant by 11.8% during the 4th quarter. Artemis Investment Management LLP now owns 25,934 shares of the information technology services provider’s stock valued at $5,561,000 after acquiring an additional 2,747 shares in the last quarter. Hedge funds and other 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.