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

Globant (NYSE:GLOB) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other research analysts have also recently weighed in on GLOB. Citigroup upped their price target on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a report on Monday, October 28th. TD Cowen upped their price target on shares of Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Friday. JPMorgan Chase & Co. upped their target price on shares of Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Scotiabank upped their target price on shares of Globant from $200.00 to $210.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 21st. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Globant in a research report on Thursday, August 22nd. They set a “hold” rating and a $210.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $228.50.

Globant Stock Performance

Globant stock opened at $203.16 on Friday. The stock has a market cap of $8.75 billion, a P/E ratio of 53.04, a PEG ratio of 2.91 and a beta of 1.39. Globant has a fifty-two week low of $151.68 and a fifty-two week high of $251.50. The firm’s fifty day moving average price is $208.82 and its 200-day moving average price is $190.87.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.01. The firm had revenue of $587.46 million for the quarter, compared to analysts’ expectations of $586.72 million. Globant had a net margin of 7.39% and a return on equity of 11.68%. The business’s quarterly revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.04 earnings per share. Sell-side analysts predict that Globant will post 5.06 earnings per share for the current year.

Institutional Investors Weigh In On Globant

Institutional investors have recently bought and sold shares of the business. Seven Eight Capital LP purchased a new position in shares of Globant in the first quarter valued at about $2,138,000. Vanguard Group Inc. lifted its holdings in Globant by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock worth $22,681,000 after purchasing an additional 8,267 shares in the last quarter. Cetera Investment Advisers boosted its stake in Globant by 1,079.8% in the 1st quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock worth $4,066,000 after purchasing an additional 18,433 shares during the period. Brown Brothers Harriman & Co. grew its holdings in Globant by 97.4% during the 2nd quarter. Brown Brothers Harriman & Co. now owns 154,538 shares of the information technology services provider’s stock valued at $27,548,000 after buying an additional 76,256 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in shares of Globant during the second quarter valued at approximately $1,319,000. Hedge funds and other 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.