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

Globant (NYSE:GLOB) had its price objective trimmed by Canaccord Genuity Group from $205.00 to $165.00 in a report issued on Monday,Benzinga reports. The firm currently has a hold rating on the information technology services provider’s stock.

Other equities research analysts also recently issued research reports about the company. Citigroup increased their price target on Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Needham & Company LLC reduced their target price on Globant from $265.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, February 21st. UBS Group cut their price objective on shares of Globant from $222.00 to $217.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Scotiabank raised their target price on shares of Globant from $210.00 to $220.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Susquehanna initiated coverage on shares of Globant in a report on Tuesday, December 17th. They issued a “positive” rating and a $255.00 target price on the stock. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $221.39.

Globant Stock Performance

GLOB opened at $153.01 on Monday. The stock has a fifty day moving average of $210.10 and a 200-day moving average of $210.14. The company has a market capitalization of $6.59 billion, a P/E ratio of 41.13, a P/E/G ratio of 2.38 and a beta of 1.39. Globant has a fifty-two week low of $151.38 and a fifty-two 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 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.39). The business had revenue of $642.48 million during the quarter, compared to analyst estimates of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. On average, equities research analysts predict that Globant will post 5.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

Hedge funds and other institutional investors have recently bought and sold shares of the business. Centricity Wealth Management LLC purchased a new position in shares of Globant in the fourth quarter valued at $38,000. Kestra Investment Management LLC purchased a new position in Globant during the 4th quarter valued at about $38,000. Wilmington Savings Fund Society FSB purchased a new position in Globant during the 3rd quarter valued at about $40,000. Van Berkom & Associates Inc. bought a new stake in shares of Globant during the fourth quarter valued at about $45,000. Finally, Signaturefd LLC lifted its holdings in shares of Globant by 46.0% in the third quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock worth $58,000 after buying an additional 92 shares in the last quarter. 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.