JPMorgan Chase & Co. Has Lowered Expectations for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its price target decreased by equities researchers at JPMorgan Chase & Co. from $75.00 to $68.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 38.04% from the company’s current price.

GLOB has been the topic of a number of other research reports. Canaccord Genuity Group dropped their price target on shares of Globant from $80.00 to $70.00 and set a “hold” rating on the stock in a research note on Friday, November 14th. UBS Group reiterated a “neutral” rating and issued a $75.00 price objective on shares of Globant in a report on Monday, January 19th. William Blair reissued an “outperform” rating on shares of Globant in a report on Wednesday, December 31st. Citigroup raised Globant to a “hold” rating in a research note on Thursday, October 23rd. Finally, Truist Financial assumed coverage on shares of Globant in a research note on Tuesday, January 6th. They set a “hold” rating and a $72.00 target price on the stock. Six research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Globant has an average rating of “Hold” and a consensus price target of $97.31.

Globant Stock Performance

Globant stock traded up $0.80 during mid-day trading on Wednesday, hitting $49.26. The company had a trading volume of 171,580 shares, compared to its average volume of 1,378,121. The company has a market capitalization of $2.17 billion, a price-to-earnings ratio of 22.32, a P/E/G ratio of 5.41 and a beta of 1.19. Globant has a 12-month low of $47.61 and a 12-month high of $223.25. The company’s fifty day moving average is $64.84 and its 200-day moving average is $63.82. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.16.

Institutional Investors Weigh In On Globant

Large investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Globant during the first quarter valued at approximately $447,000. Goldman Sachs Group Inc. increased its position in shares of Globant by 69.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider’s stock valued at $8,739,000 after buying an additional 30,386 shares in the last quarter. CWM LLC increased its holdings in shares of Globant by 30.1% in the second quarter. CWM LLC now owns 636 shares of the information technology services provider’s stock worth $58,000 after acquiring an additional 147 shares in the last quarter. ARGA Investment Management LP acquired a new stake in Globant during the 2nd quarter worth approximately $1,319,000. Finally, State of New Jersey Common Pension Fund D lifted its position in Globant by 9.7% in the 2nd quarter. State of New Jersey Common Pension Fund D now owns 32,970 shares of the information technology services provider’s stock valued at $2,995,000 after acquiring an additional 2,903 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.

Globant Company Profile

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.