Globant (NYSE:GLOB) Price Target Cut to $140.00 by Analysts at Scotiabank

Globant (NYSE:GLOB) had its price target dropped by analysts at Scotiabank from $170.00 to $140.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the information technology services provider’s stock. Scotiabank’s price objective points to a potential upside of 19.21% from the company’s current price.

Other analysts have also issued reports about the company. Susquehanna dropped their target price on Globant from $225.00 to $160.00 and set a “positive” rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler cut their price objective on Globant from $230.00 to $154.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. cut their price objective on Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. UBS Group cut their price objective on Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Finally, StockNews.com cut Globant from a “hold” rating to a “sell” rating in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $204.00.

Globant Stock Performance

Shares of NYSE GLOB opened at $117.44 on Tuesday. Globant has a 1 year low of $96.23 and a 1 year high of $238.32. The firm has a market cap of $5.17 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 2.38 and a beta of 1.50. The stock’s 50-day simple moving average is $123.55 and its 200-day simple moving average is $185.10.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). Globant had a return on equity of 11.83% and a net margin of 6.86%. The business had revenue of $642.48 million for the quarter, compared to analysts’ expectations of $644.42 million. As a group, research analysts predict that Globant will post 5.73 EPS for the current year.

Hedge Funds Weigh In On Globant

Institutional investors have recently made changes to their positions in the stock. Physician Wealth Advisors Inc. grew its holdings in shares of Globant by 140.9% during the first quarter. Physician Wealth Advisors Inc. now owns 265 shares of the information technology services provider’s stock valued at $31,000 after purchasing an additional 155 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Globant in the 4th quarter worth approximately $38,000. Kestra Investment Management LLC bought a new position in Globant in the 4th quarter worth approximately $38,000. Bessemer Group Inc. bought a new position in Globant in the 1st quarter worth approximately $39,000. Finally, Wilmington Savings Fund Society FSB bought a new position in Globant in the 3rd quarter worth approximately $40,000. 91.60% of the stock is 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.