Globant (NYSE:GLOB) Price Target Lowered to $105.00 at The Goldman Sachs Group

Globant (NYSE:GLOB) had its price objective lowered by The Goldman Sachs Group from $120.00 to $105.00 in a report published on Monday,Benzinga reports. The brokerage currently has a neutral rating on the information technology services provider’s stock.

A number of other brokerages also recently weighed in on GLOB. Deutsche Bank Aktiengesellschaft started coverage on Globant in a report on Thursday, July 17th. They issued a “hold” rating and a $87.00 target price on the stock. Guggenheim reaffirmed a “buy” rating and issued a $125.00 target price on shares of Globant in a report on Tuesday, June 10th. Wall Street Zen raised Globant from a “sell” rating to a “hold” rating in a report on Monday, May 19th. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $97.00 target price (down previously from $165.00) on shares of Globant in a report on Thursday, June 26th. Finally, Needham & Company LLC dropped their price target on Globant from $115.00 to $85.00 and set a “buy” rating for the company in a research note on Friday. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Globant currently has a consensus rating of “Moderate Buy” and an average target price of $147.13.

Globant Trading Up 2.8%

Shares of NYSE:GLOB opened at $68.32 on Monday. The company has a market capitalization of $3.01 billion, a P/E ratio of 27.77, a P/E/G ratio of 2.73 and a beta of 1.16. Globant has a 1 year low of $64.51 and a 1 year high of $238.32. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.56 and a quick ratio of 1.56. The business’s 50 day simple moving average is $86.95 and its 200 day simple moving average is $117.77.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, August 14th. The information technology services provider reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.52 by $0.01. The business had revenue of $614.18 million for the quarter, compared to the consensus estimate of $612.66 million. Globant had a return on equity of 10.97% and a net margin of 4.44%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.51 earnings per share. On average, research analysts anticipate that Globant will post 5.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GLOB. Raymond James Financial Inc. bought a new position in Globant during the 4th quarter worth $16,737,000. Barclays PLC grew its holdings in Globant by 154.2% during the 4th quarter. Barclays PLC now owns 57,282 shares of the information technology services provider’s stock worth $12,282,000 after acquiring an additional 34,745 shares during the period. Commerce Bank grew its holdings in Globant by 8.8% during the 4th quarter. Commerce Bank now owns 1,873 shares of the information technology services provider’s stock worth $402,000 after acquiring an additional 151 shares during the period. First Trust Advisors LP grew its holdings in Globant by 77.9% during the 4th quarter. First Trust Advisors LP now owns 43,016 shares of the information technology services provider’s stock worth $9,223,000 after acquiring an additional 18,842 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Globant by 6.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 539,922 shares of the information technology services provider’s stock worth $115,778,000 after acquiring an additional 32,534 shares during the period. 91.60% of the stock is owned by institutional investors.

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.