Globant (NYSE:GLOB) Rating Lowered to “Sell” at StockNews.com

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

Several other equities research analysts have also recently weighed in on GLOB. Citigroup boosted their price target on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Piper Sandler cut their price objective on shares of Globant from $240.00 to $237.00 and set an “overweight” rating on the stock in a research report on Friday. JPMorgan Chase & Co. boosted their price objective on shares of Globant from $237.00 to $248.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Needham & Company LLC boosted their price objective on shares of Globant from $245.00 to $265.00 and gave the company a “buy” rating in a research report on Friday. Finally, Canaccord Genuity Group boosted their target price on shares of Globant from $175.00 to $205.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $228.50.

Globant Price Performance

Globant stock opened at $203.16 on Friday. The stock has a market cap of $8.75 billion, a P/E ratio of 53.04, a PEG ratio of 2.91 and a beta of 1.39. Globant has a 1 year low of $151.68 and a 1 year high of $251.50. The firm’s 50 day moving average price is $208.82 and its 200-day moving average price is $190.87.

Globant (NYSE:GLOB) last announced 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. Globant had a net margin of 7.39% and a return on equity of 11.68%. The company had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. During the same quarter in the previous year, the business posted $1.04 earnings per share. Globant’s quarterly revenue was up 18.1% on a year-over-year basis. As a group, equities analysts expect that Globant will post 5.06 EPS for the current year.

Hedge Funds Weigh In On Globant

Large investors have recently added to or reduced their stakes in the company. BOKF NA raised its holdings in Globant by 15,800.0% in the first quarter. BOKF NA now owns 159 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 158 shares in the last quarter. Quarry LP raised its holdings in Globant by 529.6% in the second quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock worth $30,000 after purchasing an additional 143 shares in the last quarter. Ridgewood Investments LLC bought a new position in Globant in the second quarter worth about $31,000. ORG Partners LLC raised its holdings in Globant by 65.5% in the third quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock worth $38,000 after purchasing an additional 76 shares in the last quarter. Finally, American National Bank & Trust raised its holdings in Globant by 430.2% in the third quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock worth $45,000 after purchasing an additional 185 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

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.