Piper Sandler Issues Pessimistic Forecast for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its price target trimmed by Piper Sandler from $240.00 to $237.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

A number of other research analysts have also issued reports on GLOB. Canaccord Genuity Group lifted their target price on Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a report on Wednesday, August 21st. Jefferies Financial Group boosted their target price on shares of Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a report on Monday, September 9th. JPMorgan Chase & Co. raised their target price on shares of Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Scotiabank upped their price target on Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a report on Wednesday, August 21st. Finally, StockNews.com raised Globant from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $228.50.

Globant Price Performance

NYSE GLOB opened at $203.29 on Friday. Globant has a 12 month low of $151.68 and a 12 month high of $251.50. The firm has a market capitalization of $8.76 billion, a PE ratio of 53.08, a P/E/G ratio of 2.49 and a beta of 1.39. The company’s 50 day simple moving average is $208.98 and its 200 day simple moving average is $191.09.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.01. The company had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. Globant had a return on equity of 11.87% and a net margin of 7.20%. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period last year, the firm earned $1.04 EPS. Sell-side analysts anticipate that Globant will post 5.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Board of Administration of Florida Retirement System increased its stake in shares of Globant by 6.7% in the first quarter. State Board of Administration of Florida Retirement System now owns 46,238 shares of the information technology services provider’s stock worth $9,335,000 after acquiring an additional 2,884 shares during the last quarter. Orion Portfolio Solutions LLC raised its stake in shares of Globant by 5.6% during the 1st quarter. Orion Portfolio Solutions LLC now owns 14,966 shares of the information technology services provider’s stock worth $3,022,000 after purchasing an additional 794 shares in the last quarter. Jupiter Asset Management Ltd. raised its stake in shares of Globant by 14.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 42,584 shares of the information technology services provider’s stock worth $8,598,000 after purchasing an additional 5,441 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Globant by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock valued at $22,681,000 after buying an additional 8,267 shares during the last quarter. Finally, Edgestream Partners L.P. acquired a new position in Globant in the first quarter worth approximately $577,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.