Globant (NYSE:GLOB) Lowered to Sell Rating by StockNews.com

StockNews.com lowered shares of Globant (NYSE:GLOB) from a hold rating to a sell rating in a report published on Saturday.

Several other brokerages also recently weighed in on GLOB. JPMorgan Chase & Co. upped their target price on shares of Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. UBS Group reiterated a “neutral” rating and set a $235.00 target price (up previously from $225.00) on shares of Globant in a research report on Tuesday, August 20th. Piper Sandler lowered their price target on Globant from $240.00 to $237.00 and set an “overweight” rating on the stock in a report on Friday. TD Cowen increased their price objective on shares of Globant from $230.00 to $240.00 and gave the company a “buy” rating in a report on Friday. Finally, Scotiabank lifted their price objective on shares of Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 21st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Globant presently has a consensus rating of “Moderate Buy” and an average price target of $228.50.

Globant Stock Down 11.1 %

GLOB stock opened at $203.29 on Friday. The business’s 50-day moving average price is $208.98 and its 200-day moving average price is $191.09. The stock has a market cap of $8.76 billion, a P/E ratio of 53.08, a PEG ratio of 2.49 and a beta of 1.39. Globant has a twelve month low of $151.68 and a twelve month high of $251.50.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.50 by $0.01. The business had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. Globant had a net margin of 7.20% and a return on equity of 11.87%. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.04 earnings per share. On average, equities research analysts expect that Globant will post 5.06 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP boosted its stake in Globant by 529.6% during the second quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock worth $30,000 after buying an additional 143 shares during the period. Ridgewood Investments LLC purchased a new position in shares of Globant during the 2nd quarter worth about $31,000. BOKF NA grew its holdings in Globant by 15,800.0% during the 1st quarter. BOKF NA now owns 159 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 158 shares during the last quarter. ORG Partners LLC grew its holdings in Globant by 65.5% during the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock valued at $38,000 after purchasing an additional 76 shares during the last quarter. Finally, American National Bank & Trust raised its position in Globant by 430.2% in the 3rd quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock worth $45,000 after purchasing an additional 185 shares during the period. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.