Globant (NYSE:GLOB) Price Target Cut to $68.00 by Analysts at JPMorgan Chase & Co.

Globant (NYSE:GLOB) had its price target cut by JPMorgan Chase & Co. from $75.00 to $68.00 in a research note published on Wednesday,Benzinga reports. They currently have a neutral rating on the information technology services provider’s stock.

GLOB has been the subject of several other research reports. Canaccord Genuity Group reduced their price target on shares of Globant from $80.00 to $70.00 and set a “hold” rating for the company in a research report on Friday, November 14th. UBS Group restated a “neutral” rating and issued a $75.00 price target on shares of Globant in a research note on Monday, January 19th. Citigroup raised Globant to a “hold” rating in a report on Thursday, October 23rd. William Blair reaffirmed an “outperform” rating on shares of Globant in a research report on Wednesday, December 31st. Finally, Truist Financial began coverage on Globant in a report on Tuesday, January 6th. They set a “hold” rating and a $72.00 price target for the company. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Globant has an average rating of “Hold” and an average price target of $97.31.

Globant Price Performance

GLOB opened at $49.44 on Wednesday. The company has a market capitalization of $2.18 billion, a price-to-earnings ratio of 22.37, a PEG ratio of 5.31 and a beta of 1.19. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.16. Globant has a 12-month low of $47.61 and a 12-month high of $223.25. The business’s fifty day simple moving average is $64.46 and its 200-day simple moving average is $63.72.

Hedge Funds Weigh In On Globant

Several institutional investors and hedge funds have recently added to or reduced their stakes in GLOB. Allworth Financial LP increased its holdings in shares of Globant by 214.1% during the 2nd quarter. Allworth Financial LP now owns 289 shares of the information technology services provider’s stock valued at $26,000 after acquiring an additional 197 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Globant by 352.0% during the 3rd quarter. Geneos Wealth Management Inc. now owns 452 shares of the information technology services provider’s stock worth $26,000 after acquiring an additional 352 shares during the last quarter. Signaturefd LLC boosted its holdings in Globant by 65.1% during the fourth quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock valued at $32,000 after acquiring an additional 190 shares during the period. Larson Financial Group LLC grew its position in shares of Globant by 561.2% in the fourth quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock valued at $45,000 after purchasing an additional 578 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Globant by 34.3% in the fourth quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock worth $47,000 after purchasing an additional 182 shares during the period. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

About Globant

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.