Globant (NYSE:GLOB) Price Target Lowered to $170.00 at Scotiabank

Globant (NYSE:GLOB) had its price objective lowered by Scotiabank from $220.00 to $170.00 in a research report issued on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the information technology services provider’s stock. Scotiabank’s price target would indicate a potential upside of 7.26% from the stock’s current price.

A number of other equities analysts also recently weighed in on the stock. Citigroup lifted their target price on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Piper Sandler decreased their target price on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a research note on Friday. Canaccord Genuity Group cut their target price on shares of Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research note on Monday. TD Cowen upped their target price on shares of Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Jefferies Financial Group raised their price target on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Globant currently has an average rating of “Moderate Buy” and a consensus price target of $222.06.

Globant Price Performance

NYSE:GLOB opened at $158.50 on Monday. Globant has a one year low of $151.38 and a one year high of $238.32. The firm’s 50 day simple moving average is $214.07 and its 200 day simple moving average is $210.96. The company has a market cap of $6.83 billion, a PE ratio of 42.60, a P/E/G ratio of 2.38 and a beta of 1.39.

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Creative Planning grew its holdings in shares of Globant by 20.5% during the 3rd quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock valued at $409,000 after purchasing an additional 351 shares during the last quarter. Signaturefd LLC boosted its position in Globant by 46.0% during the third quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 92 shares during the period. International Assets Investment Management LLC bought a new position in shares of Globant during the third quarter valued at about $36,510,000. Stephens Inc. AR increased its holdings in shares of Globant by 10.0% in the third quarter. Stephens Inc. AR now owns 2,539 shares of the information technology services provider’s stock worth $503,000 after buying an additional 230 shares during the period. Finally, Van ECK Associates Corp lifted its stake in shares of Globant by 62.4% in the 3rd quarter. Van ECK Associates Corp now owns 398 shares of the information technology services provider’s stock valued at $86,000 after acquiring an additional 153 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other 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.