Globant (NYSE:GLOB) Cut to “Hold” at Jefferies Financial Group

Jefferies Financial Group lowered shares of Globant (NYSE:GLOB) from a buy rating to a hold rating in a report released on Thursday morning, MarketBeat Ratings reports. The firm currently has $61.00 target price on the information technology services provider’s stock, down from their previous target price of $80.00.

Other equities analysts have also issued research reports about the company. Wells Fargo & Company raised Globant to a “hold” rating in a research report on Wednesday, October 22nd. Citigroup raised Globant to a “hold” rating in a report on Thursday, October 23rd. Needham & Company LLC decreased their target price on Globant from $85.00 to $80.00 and set a “buy” rating for the company in a report on Friday, November 14th. UBS Group dropped their target price on Globant from $75.00 to $70.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 18th. Finally, Canaccord Genuity Group cut their price target on shares of Globant from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Friday, November 14th. Five research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Globant has an average rating of “Hold” and a consensus target price of $98.67.

Globant Stock Up 5.9%

GLOB stock opened at $62.84 on Thursday. The stock has a market capitalization of $2.77 billion, a PE ratio of 28.43, a price-to-earnings-growth ratio of 5.93 and a beta of 1.20. Globant has a 52 week low of $54.36 and a 52 week high of $235.08. The company has a quick ratio of 1.71, a current ratio of 1.93 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average of $59.35 and a 200 day moving average of $78.16.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, November 13th. The information technology services provider reported $1.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.02). Globant had a return on equity of 10.39% and a net margin of 4.01%.The company had revenue of $617.14 million during the quarter, compared to analysts’ expectations of $615.32 million. During the same period in the prior year, the business posted $1.63 EPS. The company’s quarterly revenue was up .4% on a year-over-year basis. Globant has set its FY 2025 guidance at 6.120- EPS. Q4 2025 guidance at 1.530- EPS. Sell-side analysts forecast that Globant will post 5.73 earnings per share for the current year.

Globant announced that its Board of Directors has approved a share repurchase program on Wednesday, October 1st that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy up to 5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Brooklyn Investment Group grew its stake in shares of Globant by 194.4% during the 1st quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 140 shares during the period. Allworth Financial LP boosted its holdings in Globant by 214.1% during the second quarter. Allworth Financial LP now owns 289 shares of the information technology services provider’s stock worth $26,000 after buying an additional 197 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Globant by 352.0% during the third quarter. Geneos Wealth Management Inc. now owns 452 shares of the information technology services provider’s stock worth $26,000 after buying an additional 352 shares in the last quarter. State of Wyoming grew its position in Globant by 53.1% during the first quarter. State of Wyoming now owns 493 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 171 shares during the period. Finally, CWM LLC increased its holdings in Globant by 30.1% in the second quarter. CWM LLC now owns 636 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 147 shares in the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

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.