Globant (NYSE:GLOB) Receives “Hold” Rating from Canaccord Genuity Group

Canaccord Genuity Group restated their hold rating on shares of Globant (NYSE:GLOB) in a report published on Thursday,Benzinga reports. They currently have a $97.00 price target on the information technology services provider’s stock, down from their previous price target of $165.00.

A number of other analysts have also recently weighed in on GLOB. UBS Group cut their price objective on shares of Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. The Goldman Sachs Group downgraded shares of Globant from a “buy” rating to a “neutral” rating and dropped their target price for the company from $225.00 to $120.00 in a research report on Friday, May 16th. Guggenheim reissued a “buy” rating and issued a $125.00 price target on shares of Globant in a research report on Tuesday, June 10th. Mizuho set a $153.00 price objective on shares of Globant and gave the company an “outperform” rating in a research note on Monday, May 19th. Finally, Needham & Company LLC dropped their price objective on Globant from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Friday, May 16th. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $174.94.

Globant Price Performance

Shares of GLOB opened at $91.49 on Thursday. The firm has a market capitalization of $4.03 billion, a price-to-earnings ratio of 27.07, a PEG ratio of 1.72 and a beta of 1.24. The firm’s fifty day simple moving average is $106.78 and its 200-day simple moving average is $152.27. Globant has a twelve month low of $86.02 and a twelve month high of $238.32. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.13.

Globant (NYSE:GLOB) last posted its 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). The business had revenue of $611.09 million during the quarter, compared to analysts’ expectations of $622.18 million. Globant had a net margin of 6.16% and a return on equity of 11.08%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the company earned $1.53 EPS. Equities analysts forecast that Globant will post 5.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GLOB. Raymond James Financial Inc. acquired a new stake in shares of Globant during the fourth quarter worth $16,737,000. Cullen Frost Bankers Inc. increased its stake in 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 valued at $11,350,000 after buying an additional 2,505 shares during the period. Bank of America Corp DE raised its position in Globant by 7.5% during the 4th quarter. Bank of America Corp DE now owns 440,039 shares of the information technology services provider’s stock worth $94,353,000 after buying an additional 30,785 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Globant in the 4th quarter worth $18,828,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Globant by 8.6% in 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 acquiring an additional 203,472 shares during the period. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

About Globant

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.