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

Globant (NYSE:GLOB) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report issued on Thursday.

Other analysts have also recently issued research reports about the company. JPMorgan Chase & Co. raised their price target on Globant from $237.00 to $248.00 and gave the company an “overweight” rating in a report on Wednesday. TD Cowen lifted their target price on shares of Globant from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, August 16th. Canaccord Genuity Group boosted their price target on shares of Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Citigroup raised their price objective on shares of Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Monday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globant in a research report on Thursday, August 22nd. They issued a “hold” rating and a $210.00 target price for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $226.21.

Globant Stock Down 1.6 %

GLOB stock traded down $3.41 during midday trading on Thursday, hitting $209.86. The company’s stock had a trading volume of 276,505 shares, compared to its average volume of 479,533. The stock has a market cap of $9.04 billion, a price-to-earnings ratio of 55.08, a PEG ratio of 2.70 and a beta of 1.39. The stock’s 50-day moving average price is $203.80 and its 200 day moving average price is $187.86. Globant has a 1 year low of $151.68 and a 1 year high of $251.50.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.01. The company had revenue of $587.46 million during the quarter, compared to the consensus estimate of $586.72 million. Globant had a return on equity of 11.68% and a net margin of 7.39%. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.04 EPS. As a group, equities analysts forecast that Globant will post 5.02 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

Several institutional investors have recently modified their holdings of the business. Norden Group LLC purchased a new position in Globant in the first quarter worth about $659,000. Maryland State Retirement & Pension System purchased a new position in shares of Globant in the first quarter worth approximately $631,000. BNP Paribas Financial Markets grew its position in Globant by 733.4% during the first quarter. BNP Paribas Financial Markets now owns 18,235 shares of the information technology services provider’s stock valued at $3,682,000 after buying an additional 16,047 shares during the period. Janney Montgomery Scott LLC increased its holdings in Globant by 11.9% during the first quarter. Janney Montgomery Scott LLC now owns 16,157 shares of the information technology services provider’s stock valued at $3,262,000 after buying an additional 1,715 shares during the last quarter. Finally, RiverPark Advisors LLC bought a new position in Globant in the first quarter worth approximately $54,000. 91.60% of the stock is owned by hedge funds and other 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.