Canaccord Genuity Group Cuts Globant (NYSE:GLOB) Price Target to $165.00

Globant (NYSE:GLOB) had its price target lowered by Canaccord Genuity Group from $205.00 to $165.00 in a research note published on Monday,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the information technology services provider’s stock.

A number of other brokerages have also recently weighed in on GLOB. Jefferies Financial Group raised their price objective on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. UBS Group decreased their price target on shares of Globant from $222.00 to $217.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. JPMorgan Chase & Co. cut their price objective on shares of Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Susquehanna initiated coverage on shares of Globant in a report on Tuesday, December 17th. They set a “positive” rating and a $255.00 target price on the stock. Finally, Citigroup boosted their price target on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, Globant has a consensus rating of “Moderate Buy” and a consensus price target of $221.39.

Globant Stock Down 1.9 %

Globant stock opened at $153.01 on Monday. The stock has a market cap of $6.59 billion, a price-to-earnings ratio of 41.13, a PEG ratio of 2.38 and a beta of 1.39. The business has a 50-day simple moving average of $210.10 and a 200 day simple moving average of $210.14. Globant has a 52 week low of $151.38 and a 52 week high of $238.32.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). The business had revenue of $642.48 million for the quarter, compared to analysts’ expectations of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. On average, research analysts anticipate that Globant will post 5.73 earnings per share for the current year.

Institutional Investors Weigh In On Globant

Several hedge funds have recently added to or reduced their stakes in GLOB. Creative Planning boosted its position in shares of Globant by 20.5% during the third quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock valued at $409,000 after buying an additional 351 shares during the last quarter. Signaturefd LLC increased its holdings in Globant by 46.0% during the third quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 92 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Globant during the third quarter valued at $36,510,000. Stephens Inc. AR raised its stake in Globant by 10.0% during the 3rd quarter. Stephens Inc. AR now owns 2,539 shares of the information technology services provider’s stock worth $503,000 after acquiring an additional 230 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in Globant by 62.4% in the 3rd quarter. Van ECK Associates Corp now owns 398 shares of the information technology services provider’s stock worth $86,000 after buying an additional 153 shares during the period. 91.60% of the stock is owned by 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.