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

Globant (NYSE:GLOB) had its target price decreased by Piper Sandler from $230.00 to $154.00 in a research report report published on Wednesday,Benzinga reports. Piper Sandler currently has an overweight rating on the information technology services provider’s stock.

A number of other research analysts have also recently commented on GLOB. Canaccord Genuity Group cut their price target on shares of Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a report on Monday, February 24th. StockNews.com downgraded shares of Globant from a “hold” rating to a “sell” rating in a research note on Monday, April 14th. Scotiabank dropped their price objective on Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a research note on Monday, February 24th. JPMorgan Chase & Co. decreased their target price on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Finally, Jefferies Financial Group lifted their price objective on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $209.94.

Globant Price Performance

Shares of GLOB stock opened at $105.69 on Wednesday. The stock’s 50 day simple moving average is $139.24 and its two-hundred day simple moving average is $190.00. Globant has a 1 year low of $96.23 and a 1 year high of $238.32. The company has a market cap of $4.65 billion, a PE ratio of 28.41, a price-to-earnings-growth ratio of 2.38 and a beta of 1.50.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share 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 firm had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. Equities research analysts expect that Globant will post 5.73 EPS for the current year.

Institutional Investors Weigh In On Globant

Institutional investors have recently bought and sold shares of the company. Barclays PLC boosted its position in shares of Globant by 132.9% in the 3rd quarter. Barclays PLC now owns 22,537 shares of the information technology services provider’s stock worth $4,467,000 after purchasing an additional 12,862 shares in the last quarter. M&T Bank Corp raised its stake in Globant by 3.8% in the third quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock valued at $326,000 after buying an additional 60 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in Globant by 26.2% in the third quarter. Sanctuary Advisors LLC now owns 3,312 shares of the information technology services provider’s stock worth $656,000 after acquiring an additional 688 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Globant during the third quarter worth about $40,000. Finally, Franklin Resources Inc. increased its holdings in shares of Globant by 0.6% during the third quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock valued at $2,704,000 after acquiring an additional 71 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.