Globant (NYSE:GLOB) Price Target Cut to $220.00 by Analysts at Needham & Company LLC

Globant (NYSE:GLOB) had its price objective reduced by stock analysts at Needham & Company LLC from $265.00 to $220.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s target price points to a potential upside of 4.55% from the stock’s current price.

Several other brokerages have also recently weighed in on GLOB. UBS Group dropped their price objective on shares of Globant from $222.00 to $217.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. Jefferies Financial Group upped their target price on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Canaccord Genuity Group restated a “hold” rating and issued a $205.00 price target on shares of Globant in a research report on Monday, November 18th. Susquehanna initiated coverage on Globant in a research note on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price target for the company. Finally, StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a report on Sunday, November 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and an average price target of $227.39.

Globant Stock Performance

NYSE GLOB opened at $210.43 on Friday. The stock’s 50 day moving average price is $215.37 and its two-hundred day moving average price is $210.82. Globant has a 52 week low of $151.68 and a 52 week high of $238.32. The stock has a market capitalization of $9.07 billion, a price-to-earnings ratio of 54.94, a PEG ratio of 2.46 and a beta of 1.39.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a net margin of 7.20% and a return on equity of 11.65%. On average, equities research analysts forecast that Globant will post 4.98 EPS for the current year.

Institutional Investors Weigh In On Globant

A number of institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. raised its stake in shares of Globant by 1,817.5% during the third 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 acquiring an additional 1,431,112 shares during the last quarter. GQG Partners LLC bought a new stake in shares of Globant in the fourth quarter worth $84,906,000. Canada Pension Plan Investment Board acquired a new stake in Globant in the fourth quarter valued at $60,913,000. JPMorgan Chase & Co. raised its position in Globant by 8.6% during the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock worth $551,506,000 after purchasing an additional 203,472 shares during the last quarter. Finally, Capital International Investors lifted its holdings in Globant by 13.1% during the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock worth $364,723,000 after buying an additional 197,064 shares during the period. 91.60% of the stock is owned by 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.