Globant (NYSE:GLOB) Price Target Lowered to $170.00 at Scotiabank

Globant (NYSE:GLOB) had its price target cut by investment analysts at Scotiabank from $220.00 to $170.00 in a report released on Monday,Benzinga reports. The firm currently has a “sector perform” rating on the information technology services provider’s stock. Scotiabank’s price objective points to a potential upside of 7.26% from the company’s current price.

GLOB has been the topic of a number of other reports. Susquehanna started coverage on shares of Globant in a research note on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price objective on the stock. UBS Group reduced their target price on Globant from $222.00 to $217.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. JPMorgan Chase & Co. cut their price target on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research report on Friday. Canaccord Genuity Group cut their target price on shares of Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a report on Monday. Finally, StockNews.com upgraded shares of Globant from a “sell” rating to a “hold” rating in a research report on Sunday, November 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Globant presently has an average rating of “Moderate Buy” and an average target price of $222.06.

Globant Trading Up 4.5 %

Shares of NYSE GLOB opened at $158.50 on Monday. Globant has a 1-year low of $151.38 and a 1-year high of $238.32. The company has a 50-day moving average of $214.07 and a two-hundred day moving average of $210.96. The company has a market cap of $6.83 billion, a PE ratio of 42.60, a P/E/G ratio of 2.38 and a beta of 1.39.

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

Hedge Funds Weigh In On Globant

A number of hedge funds have recently added to or reduced their stakes in the stock. Centricity Wealth Management LLC bought a new stake in Globant during the fourth quarter worth about $38,000. Kestra Investment Management LLC acquired a new position in Globant during the fourth quarter valued at approximately $38,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Globant in the 3rd quarter valued at $40,000. Van Berkom & Associates Inc. acquired a new position in shares of Globant during the 4th quarter worth $45,000. Finally, Signaturefd LLC boosted its stake in Globant by 46.0% in the third quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 92 shares in the last quarter. 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.