Piper Sandler Has Lowered Expectations for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its price target lowered by analysts at Piper Sandler from $230.00 to $154.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the information technology services provider’s stock. Piper Sandler’s price target suggests a potential upside of 45.71% from the company’s previous close.

Several other analysts also recently weighed in on GLOB. UBS Group lowered their price target on shares of Globant from $217.00 to $190.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Susquehanna dropped their target price on Globant from $255.00 to $225.00 and set a “positive” rating for the company in a report on Tuesday, April 8th. Canaccord Genuity Group decreased their price target on Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research note on Monday, February 24th. Scotiabank dropped their price objective on Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a research note on Monday, February 24th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.94.

Globant Trading Down 0.8 %

Shares of NYSE GLOB opened at $105.69 on Wednesday. The stock’s 50-day moving average is $141.44 and its 200 day moving average is $190.63. The stock has a market cap of $4.65 billion, a price-to-earnings ratio of 28.41, a P/E/G ratio of 2.38 and a beta of 1.50. Globant has a 1-year low of $96.23 and a 1-year high of $238.32.

Globant (NYSE:GLOB) last posted its quarterly earnings results 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, analysts forecast that Globant will post 5.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Globant

Several hedge funds and other institutional investors have recently modified their holdings of GLOB. GQG Partners LLC bought a new stake in Globant during the 4th quarter valued at approximately $84,906,000. Canada Pension Plan Investment Board purchased a new position in shares of Globant in the 4th quarter valued at approximately $60,913,000. JPMorgan Chase & Co. boosted its position in shares of Globant by 8.6% during the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after purchasing an additional 203,472 shares in the last quarter. Capital International Investors grew its stake in Globant by 13.1% in the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock worth $364,723,000 after purchasing an additional 197,064 shares during the period. Finally, abrdn plc grew its stake in Globant by 36.7% in the fourth quarter. abrdn plc now owns 470,150 shares of the information technology services provider’s stock worth $101,564,000 after purchasing an additional 126,333 shares during the period. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.