The Goldman Sachs Group Downgrades Globant (NYSE:GLOB) to Neutral

Globant (NYSE:GLOB) was downgraded by equities research analysts at The Goldman Sachs Group from a “buy” rating to a “neutral” rating in a note issued to investors on Friday, MarketBeat reports. They currently have a $120.00 price objective on the information technology services provider’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 19.31% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on the company. UBS Group dropped their price target on Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. StockNews.com lowered Globant from a “hold” rating to a “sell” rating in a report on Sunday, May 11th. Jefferies Financial Group upped their price objective on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Redburn Atlantic raised Globant from a “sell” rating to a “neutral” rating and upped their price objective for the company from $140.00 to $150.00 in a report on Tuesday, February 25th. Finally, Piper Sandler lowered Globant from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $154.00 to $116.00 in a report on Friday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $185.38.

Globant Trading Down 24.3%

GLOB opened at $100.58 on Friday. Globant has a 1-year low of $88.03 and a 1-year high of $238.32. The stock’s fifty day simple moving average is $118.69 and its 200 day simple moving average is $177.17. 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 posted its quarterly earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). Globant had a net margin of 6.86% and a return on equity of 11.83%. 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 company posted $1.53 EPS. The firm’s revenue was up 7.0% on a year-over-year basis. Equities analysts forecast that Globant will post 5.73 earnings per share for the current year.

Institutional Trading of Globant

Several large investors have recently bought and sold shares of the business. Vancity Investment Management Ltd acquired a new stake in Globant in the first quarter valued at about $896,000. Goldman Sachs Group Inc. boosted its stake in Globant by 69.3% in the first quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider’s stock valued at $8,739,000 after buying an additional 30,386 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Globant in the first quarter valued at about $2,403,000. Scientech Research LLC acquired a new stake in Globant in the first quarter valued at about $889,000. Finally, Petrus Trust Company LTA acquired a new stake in Globant in the first quarter valued at about $204,000. 91.60% of the stock is owned by institutional investors and hedge funds.

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.