Needham & Company LLC Issues Pessimistic Forecast for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its price target cut by Needham & Company LLC from $265.00 to $220.00 in a research note released on Friday morning,Benzinga reports. They currently have a buy rating on the information technology services provider’s stock.

Several other equities analysts have also recently weighed in on the company. Citigroup boosted their price objective on Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Jefferies Financial Group boosted their price objective on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Susquehanna started coverage on Globant in a research note on Tuesday, December 17th. They set a “positive” rating and a $255.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on Globant from $237.00 to $248.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Finally, StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and an average target price of $227.06.

Globant Stock Performance

NYSE GLOB opened at $152.02 on Friday. Globant has a twelve month low of $151.38 and a twelve month high of $238.32. The stock has a market capitalization of $6.55 billion, a PE ratio of 39.69, a P/E/G ratio of 2.46 and a beta of 1.39. The stock has a 50-day simple moving average of $215.37 and a 200 day simple moving average of $210.82.

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 the consensus estimate of $1.75 by ($0.39). Globant had a return on equity of 11.65% and a net margin of 7.20%. The business had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. As a group, equities research analysts forecast that Globant will post 4.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Globant

Several large investors have recently modified their holdings of the stock. Wasatch Advisors LP grew its stake in shares of Globant by 2.6% in the 3rd quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock valued at $689,553,000 after purchasing an additional 88,829 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Globant by 8.6% in the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after purchasing an additional 203,472 shares during the period. Capital International Investors grew its stake in shares of Globant by 13.1% in the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock valued at $364,723,000 after purchasing an additional 197,064 shares during the period. Victory Capital Management Inc. grew its stake in shares of Globant by 6.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider’s stock valued at $344,382,000 after purchasing an additional 96,257 shares during the period. Finally, Jennison Associates LLC grew its position in Globant by 0.6% during the 4th quarter. Jennison Associates LLC now owns 802,547 shares of the information technology services provider’s stock worth $172,082,000 after acquiring an additional 4,970 shares during the last quarter. 91.60% of the stock is currently owned by 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.