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

Globant (NYSE:GLOB) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday.

Several other brokerages also recently weighed in on GLOB. KeyCorp increased their target price on shares of Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, August 16th. Piper Sandler restated an “overweight” rating and set a $240.00 price objective (up previously from $238.00) on shares of Globant in a report on Friday, August 16th. Jefferies Financial Group increased their target price on Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globant in a research note on Thursday, August 22nd. They set a “hold” rating and a $210.00 target price for the company. Finally, Scotiabank upped their price target on shares of Globant from $200.00 to $210.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 21st. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $226.21.

Globant Stock Down 1.6 %

GLOB stock traded down $3.41 during mid-day trading on Thursday, hitting $209.86. The company had a trading volume of 276,505 shares, compared to its average volume of 479,533. The company has a market capitalization of $9.04 billion, a price-to-earnings ratio of 55.08, a P/E/G ratio of 2.70 and a beta of 1.39. The company has a 50-day moving average price of $203.80 and a 200 day moving average price of $187.86. Globant has a 12-month low of $151.68 and a 12-month high of $251.50.

Globant (NYSE:GLOB) last released its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the business earned $1.04 earnings per share. As a group, analysts expect that Globant will post 5.02 EPS for the current year.

Hedge Funds Weigh In On Globant

Hedge funds have recently modified their holdings of the stock. Manning & Napier Advisors LLC purchased a new position in Globant in the 2nd quarter worth $99,396,000. Dimensional Fund Advisors LP raised its stake in shares of 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 purchasing an additional 161,512 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Globant by 43.4% during the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after purchasing an additional 155,112 shares during the period. The Manufacturers Life Insurance Company boosted its position 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 valued at $47,450,000 after buying an additional 126,030 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in Globant by 84.8% in the 2nd quarter. Millennium Management LLC now owns 261,270 shares of the information technology services provider’s stock worth $46,574,000 after buying an additional 119,860 shares during the period. Institutional investors and hedge funds own 91.60% of the company’s stock.

About Globant

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.