Globant (NYSE:GLOB) PT Lowered to $235.00 at Citigroup

Globant (NYSE:GLOB) had its target price lowered by analysts at Citigroup from $275.00 to $235.00 in a report released on Monday, Benzinga reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Citigroup’s target price indicates a potential upside of 32.35% from the company’s previous close.

GLOB has been the subject of several other research reports. Guggenheim started coverage on Globant in a research report on Tuesday, March 19th. They set a “buy” rating and a $250.00 target price for the company. KeyCorp raised their price target on Globant from $266.00 to $272.00 and gave the company an “overweight” rating in a report on Friday, February 16th. Canaccord Genuity Group restated a “hold” rating and set a $230.00 price target on shares of Globant in a report on Tuesday, February 20th. Wedbush restated an “outperform” rating and set a $250.00 price target on shares of Globant in a report on Friday, February 16th. Finally, Needham & Company LLC raised their price target on Globant from $215.00 to $275.00 and gave the company a “buy” rating in a report on Friday, January 26th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $244.24.

Globant Stock Down 1.0 %

GLOB traded down $1.73 during midday trading on Monday, reaching $177.56. The company had a trading volume of 106,710 shares, compared to its average volume of 449,831. The business has a 50-day moving average of $209.46 and a two-hundred day moving average of $212.80. The company has a market cap of $7.65 billion, a P/E ratio of 48.91, a P/E/G ratio of 1.36 and a beta of 1.35. Globant has a 1 year low of $135.40 and a 1 year high of $251.50.

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 the consensus estimate of $1.34 by ($0.08). Globant had a return on equity of 11.38% and a net margin of 7.56%. The business had revenue of $580.71 million for the quarter, compared to analysts’ expectations of $579.70 million. On average, equities research analysts predict that Globant will post 5.03 EPS for the current year.

Institutional Investors Weigh In On Globant

Several hedge funds have recently made changes to their positions in GLOB. CI Investments Inc. lifted its holdings in shares of Globant by 122.0% in the 3rd quarter. CI Investments Inc. now owns 131 shares of the information technology services provider’s stock worth $26,000 after buying an additional 72 shares during the period. Accent Capital Management LLC purchased a new stake in shares of Globant in the 4th quarter worth $29,000. Principal Securities Inc. purchased a new stake in shares of Globant in the 4th quarter worth $56,000. GAMMA Investing LLC purchased a new stake in shares of Globant in the 4th quarter worth $68,000. Finally, CWM LLC lifted its holdings in shares of Globant by 20.9% in the 3rd quarter. CWM LLC now owns 504 shares of the information technology services provider’s stock worth $100,000 after buying an additional 87 shares during the period. 91.60% of the stock is currently 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.