Globant (NYSE:GLOB) Cut to Sell at StockNews.com

StockNews.com cut shares of Globant (NYSE:GLOB) from a hold rating to a sell rating in a research note released on Thursday.

A number of other research firms also recently issued reports on GLOB. JPMorgan Chase & Co. lifted their price objective on shares of Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. UBS Group restated a “neutral” rating and issued a $235.00 price objective (up from $225.00) on shares of Globant in a research note on Tuesday, August 20th. KeyCorp upped their price target on Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, August 16th. Citigroup upped their price target on Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Finally, Scotiabank upped their price objective on shares of Globant from $200.00 to $210.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 21st. Two research analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Globant presently has a consensus rating of “Moderate Buy” and an average price target of $226.21.

Globant Trading Up 0.1 %

Shares of GLOB stock opened at $210.12 on Thursday. The firm has a market capitalization of $9.05 billion, a PE ratio of 54.86, a price-to-earnings-growth ratio of 2.58 and a beta of 1.39. The firm has a fifty day simple moving average of $203.94 and a two-hundred day simple moving average of $188.07. Globant has a 12 month low of $151.68 and a 12 month high of $251.50.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The business had revenue of $587.46 million during the quarter, compared to analyst estimates of $586.72 million. Globant had a net margin of 7.39% and a return on equity of 11.68%. Globant’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.04 EPS. On average, equities analysts predict that Globant will post 5.05 earnings per share for the current fiscal year.

Institutional Trading of Globant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Manning & Napier Advisors LLC purchased a new stake in Globant in the second quarter worth $99,396,000. Sei Investments Co. lifted its stake in Globant by 43.4% in the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after acquiring an additional 155,112 shares during the period. Dimensional Fund Advisors LP lifted its stake in Globant by 57.5% in the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock worth $78,851,000 after acquiring an additional 161,512 shares during the period. Clearbridge Investments LLC lifted its stake in Globant by 28.4% in the second quarter. Clearbridge Investments LLC now owns 339,790 shares of the information technology services provider’s stock worth $60,571,000 after acquiring an additional 75,192 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in Globant by 89.9% in the second quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock worth $47,450,000 after acquiring an additional 126,030 shares during the period. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.