Scotiabank Downgrades Globant (NYSE:GLOB) to Sector Perform

Globant (NYSE:GLOB) was downgraded by analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a report issued on Friday, MarketBeat Ratings reports. They currently have a $200.00 price objective on the information technology services provider’s stock. Scotiabank’s target price would indicate a potential upside of 15.57% from the company’s current price.

GLOB has been the topic of a number of other reports. Needham & Company LLC increased their price target on shares of Globant from $215.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, January 26th. JPMorgan Chase & Co. cut their price target on shares of Globant from $273.00 to $257.00 and set an “overweight” rating on the stock in a research report on Thursday, May 2nd. Piper Sandler increased their price target on shares of Globant from $257.00 to $290.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Mizuho reiterated a “buy” rating and issued a $279.00 price target (down from $283.00) on shares of Globant in a research report on Tuesday, February 20th. Finally, Canaccord Genuity Group reiterated a “hold” rating and issued a $230.00 price target on shares of Globant in a research report on Tuesday, February 20th. Seven equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $242.59.

Globant Trading Down 9.4 %

Globant stock opened at $173.06 on Friday. Globant has a 1 year low of $135.40 and a 1 year high of $251.50. The company has a market cap of $7.46 billion, a PE ratio of 47.67, a PEG ratio of 1.40 and a beta of 1.35. The company’s 50-day moving average is $196.93 and its two-hundred day moving average is $211.51.

Globant (NYSE:GLOB) last released its earnings results on Thursday, February 15th. The information technology services provider reported $1.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.08). Globant had a net margin of 7.56% and a return on equity of 11.38%. The business had revenue of $580.71 million for the quarter, compared to analyst estimates of $579.70 million. Research analysts forecast that Globant will post 5.03 EPS for the current year.

Hedge Funds Weigh In On Globant

Several hedge funds have recently made changes to their positions in GLOB. Wasatch Advisors LP grew its stake in shares of Globant by 6.8% in the first quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock valued at $673,693,000 after buying an additional 213,049 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Globant by 3.2% in the third quarter. JPMorgan Chase & Co. now owns 1,614,782 shares of the information technology services provider’s stock valued at $319,485,000 after buying an additional 49,812 shares in the last quarter. Capital International Investors grew its stake in shares of Globant by 0.5% in the fourth quarter. Capital International Investors now owns 1,323,859 shares of the information technology services provider’s stock valued at $315,052,000 after buying an additional 6,707 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Globant by 289.5% in the fourth quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider’s stock valued at $228,659,000 after buying an additional 714,162 shares in the last quarter. Finally, Schroder Investment Management Group grew its stake in shares of Globant by 16.2% in the third quarter. Schroder Investment Management Group now owns 734,479 shares of the information technology services provider’s stock valued at $145,317,000 after buying an additional 102,184 shares in the last quarter. 91.60% of the stock is 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.