Piper Sandler Has Lowered Expectations for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its price objective cut by equities research analysts at Piper Sandler from $240.00 to $237.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the information technology services provider’s stock. Piper Sandler’s price objective would suggest a potential upside of 16.58% from the company’s previous close.

Several other equities research analysts have also issued reports on GLOB. Scotiabank raised their target price on Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 21st. Citigroup lifted their price objective on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. KeyCorp boosted 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. Canaccord Genuity Group raised their price target on shares of Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. Finally, StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, Globant currently has an average rating of “Moderate Buy” and a consensus target price of $228.50.

Globant Stock Performance

Shares of GLOB stock opened at $203.29 on Friday. The company has a market capitalization of $8.76 billion, a price-to-earnings ratio of 53.04, a PEG ratio of 2.91 and a beta of 1.39. Globant has a 52-week low of $151.68 and a 52-week high of $251.50. The company has a 50-day simple moving average of $208.98 and a two-hundred day simple moving average of $191.01.

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

Institutional Trading of Globant

A number of hedge funds and other institutional investors have recently bought and sold shares of GLOB. Wasatch Advisors LP raised its holdings in shares of Globant by 2.6% in the 3rd quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock valued at $689,553,000 after acquiring an additional 88,829 shares in the last quarter. Victory Capital Management Inc. increased its position in shares of Globant by 1,817.5% in the third quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock worth $299,162,000 after purchasing an additional 1,431,112 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in Globant in the second quarter valued at approximately $99,396,000. Sei Investments Co. lifted its position in Globant by 43.4% during the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock valued at $91,432,000 after purchasing an additional 155,112 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Globant by 57.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock worth $78,851,000 after buying an additional 161,512 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.