Globant (NYSE:GLOB) Price Target Cut to $70.00 by Analysts at Canaccord Genuity Group

Globant (NYSE:GLOB) had its price target dropped by research analysts at Canaccord Genuity Group from $80.00 to $70.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the information technology services provider’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 14.25% from the stock’s current price.

Several other research firms also recently commented on GLOB. The Goldman Sachs Group decreased their price objective on Globant from $105.00 to $90.00 and set a “neutral” rating on the stock in a report on Thursday, October 9th. JPMorgan Chase & Co. reduced their price objective on Globant from $78.00 to $75.00 and set a “neutral” rating for the company in a research report on Friday. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globant in a report on Thursday, July 17th. They issued a “hold” rating and a $87.00 target price for the company. Citigroup raised Globant to a “hold” rating in a research report on Thursday, October 23rd. Finally, Wells Fargo & Company upgraded Globant to a “hold” rating in a research note on Wednesday, October 22nd. Seven analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Globant presently has a consensus rating of “Hold” and an average price target of $119.94.

Globant Stock Performance

NYSE GLOB traded down $1.57 during trading hours on Friday, reaching $61.27. 1,987,899 shares of the company were exchanged, compared to its average volume of 1,244,659. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $2.70 billion, a P/E ratio of 24.95, a P/E/G ratio of 5.88 and a beta of 1.20. The business’s 50 day simple moving average is $59.20 and its 200-day simple moving average is $80.85. Globant has a 1 year low of $54.36 and a 1 year high of $235.08.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, November 13th. The information technology services provider reported $1.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.55 by ($0.02). The business had revenue of $617.14 million during the quarter, compared to the consensus estimate of $615.32 million. Globant had a net margin of 4.44% and a return on equity of 10.76%. The business’s revenue for the quarter was up .4% on a year-over-year basis. During the same period last year, the firm earned $1.63 EPS. Globant has set its FY 2025 guidance at 6.120- EPS. Q4 2025 guidance at 1.530- EPS. On average, equities research analysts expect that Globant will post 5.73 earnings per share for the current year.

Globant declared that its board has approved a stock buyback program on Wednesday, October 1st that authorizes the company to repurchase $125.00 million in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. raised its position in Globant by 199.1% during the second quarter. Invesco Ltd. now owns 2,827,155 shares of the information technology services provider’s stock worth $256,819,000 after acquiring an additional 1,881,940 shares during the period. ARGA Investment Management LP raised its holdings in shares of Globant by 14,073.7% during the 3rd quarter. ARGA Investment Management LP now owns 2,057,594 shares of the information technology services provider’s stock worth $118,065,000 after acquiring an additional 2,043,077 shares during the period. Westfield Capital Management Co. LP raised its stake in Globant by 34.1% during the second quarter. Westfield Capital Management Co. LP now owns 1,100,526 shares of the information technology services provider’s stock worth $99,972,000 after purchasing an additional 280,081 shares during the period. Schroder Investment Management Group lifted its holdings in Globant by 20.1% in the second quarter. Schroder Investment Management Group now owns 1,006,175 shares of the information technology services provider’s stock valued at $91,401,000 after acquiring an additional 168,700 shares during the last quarter. Finally, Royal Bank of Canada raised its holdings in Globant by 293.5% in the 1st quarter. Royal Bank of Canada now owns 999,955 shares of the information technology services provider’s stock valued at $117,716,000 after buying an additional 745,848 shares during the period. 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.