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

Globant (NYSE:GLOB) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Monday.

Several other equities analysts have also recently issued reports on GLOB. Redburn Atlantic raised Globant from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $140.00 to $150.00 in a report on Tuesday, February 25th. Susquehanna reduced their price target on shares of Globant from $255.00 to $225.00 and set a “positive” rating on the stock in a report on Tuesday, April 8th. UBS Group dropped their price objective on shares of Globant from $217.00 to $190.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Scotiabank lowered their target price on Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a report on Monday, February 24th. Finally, Canaccord Genuity Group cut their price target on Globant from $205.00 to $165.00 and set a “hold” rating for the company in a report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $214.69.

Globant Stock Up 2.8 %

NYSE GLOB opened at $107.59 on Monday. The stock has a market capitalization of $4.74 billion, a P/E ratio of 28.92, a P/E/G ratio of 2.38 and a beta of 1.50. The firm has a 50-day moving average price of $150.16 and a 200 day moving average price of $193.06. Globant has a 52-week low of $96.23 and a 52-week high of $238.32.

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

Hedge Funds Weigh In On Globant

Several hedge funds and other institutional investors have recently made changes to their positions in GLOB. JPMorgan Chase & Co. lifted its holdings in Globant by 8.6% in the fourth 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 period. Capital International Investors raised its holdings in shares of Globant by 13.1% during the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock valued at $364,723,000 after acquiring an additional 197,064 shares during the period. Victory Capital Management Inc. grew its holdings in shares of Globant by 6.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider’s stock valued at $344,382,000 after buying an additional 96,257 shares in the last quarter. Jennison Associates LLC lifted its position in shares of Globant by 0.6% in the fourth quarter. Jennison Associates LLC now owns 802,547 shares of the information technology services provider’s stock worth $172,082,000 after purchasing an additional 4,970 shares in the last quarter. Finally, Sei Investments Co. increased its stake in shares of Globant by 3.5% in the fourth quarter. Sei Investments Co. now owns 602,802 shares of the information technology services provider’s stock worth $129,252,000 after acquiring an additional 20,365 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.