Piper Sandler Lowers Globant (NYSE:GLOB) Price Target to $237.00

Globant (NYSE:GLOB) had its target price reduced by Piper Sandler from $240.00 to $237.00 in a report released on Friday,Benzinga reports. Piper Sandler currently has an overweight rating on the information technology services provider’s stock.

GLOB has been the subject of several other research reports. TD Cowen lifted their price objective on shares of Globant from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Scotiabank boosted their target price on shares of Globant from $200.00 to $210.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 21st. Needham & Company LLC lifted their price objective on Globant from $200.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, August 16th. Jefferies Financial Group increased their target price on Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Finally, Canaccord Genuity Group lifted their price target on Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a research report on Wednesday, August 21st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Globant presently has a consensus rating of “Moderate Buy” and a consensus price target of $228.50.

Globant Stock Performance

Shares of GLOB stock traded down $25.50 during midday trading on Friday, reaching $203.29. 1,348,800 shares of the company were exchanged, compared to its average volume of 483,667. The company’s 50 day moving average price is $208.98 and its two-hundred day moving average price is $191.01. The company has a market cap of $8.76 billion, a P/E ratio of 53.04, a PEG ratio of 2.91 and a beta of 1.39. Globant has a 12 month low of $151.68 and a 12 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 EPS for the quarter, beating the consensus estimate of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The business had revenue of $587.46 million during the quarter, compared to the consensus estimate of $586.72 million. During the same quarter in the prior year, the firm earned $1.04 EPS. The firm’s quarterly revenue was up 18.1% on a year-over-year basis. As a group, sell-side analysts predict that Globant will post 5.06 earnings per share for the current year.

Hedge Funds Weigh In On Globant

Institutional investors have recently made changes to their positions in the stock. Wasatch Advisors LP lifted its stake in shares of Globant by 2.6% in the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock valued at $689,553,000 after buying an additional 88,829 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Globant by 1,817.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after purchasing an additional 1,431,112 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Globant in the second quarter worth approximately $99,396,000. Sei Investments Co. lifted its holdings in shares of Globant by 43.4% in the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock valued at $91,432,000 after purchasing an additional 155,112 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Globant by 57.5% in the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after purchasing an additional 161,512 shares in the last quarter. Institutional investors and hedge funds 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.