Globant (NYSE:GLOB) Downgraded to Sell Rating by StockNews.com

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

Several other equities analysts have also weighed in on GLOB. Scotiabank cut their price objective on shares of Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a research report on Monday, February 24th. JPMorgan Chase & Co. cut their price target on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Canaccord Genuity Group reduced their price objective on shares of Globant from $205.00 to $165.00 and set a “hold” rating for the company in a research note on Monday, February 24th. Susquehanna assumed coverage on shares of Globant in a research report on Tuesday, December 17th. They set a “positive” rating and a $255.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price target on shares of Globant in a research report on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $219.71.

Globant Stock Down 6.3 %

Globant stock opened at $118.48 on Friday. Globant has a 12 month low of $117.61 and a 12 month high of $238.32. The stock has a market cap of $5.22 billion, a P/E ratio of 31.85, a P/E/G ratio of 2.38 and a beta of 1.47. The company’s fifty day simple moving average is $174.61 and its 200-day simple moving average is $200.39.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). Globant had a net margin of 6.86% and a return on equity of 11.83%. The firm had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. On average, equities research analysts expect that Globant will post 5.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

Several hedge funds have recently modified their holdings of GLOB. Wealth Enhancement Advisory Services LLC acquired a new position in Globant during the 4th quarter valued at $274,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Globant during the 4th quarter worth about $18,828,000. Jefferies Financial Group Inc. raised its position in shares of Globant by 5.6% during the fourth quarter. Jefferies Financial Group Inc. now owns 16,400 shares of the information technology services provider’s stock valued at $3,516,000 after buying an additional 870 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Globant by 163.4% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,500 shares of the information technology services provider’s stock valued at $26,266,000 after buying an additional 76,000 shares during the last quarter. Finally, Vident Advisory LLC bought a new stake in shares of Globant in the fourth quarter valued at about $235,000. 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.