Globant (NYSE:GLOB) Given New $165.00 Price Target at Canaccord Genuity Group

Globant (NYSE:GLOB) had its price target decreased by Canaccord Genuity Group from $205.00 to $165.00 in a report published on Monday,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the information technology services provider’s stock.

Several other analysts have also issued reports on the stock. JPMorgan Chase & Co. decreased 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. StockNews.com raised Globant from a “sell” rating to a “hold” rating in a research report on Sunday, November 24th. TD Cowen boosted their price target on Globant from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Scotiabank raised their price objective on Globant from $210.00 to $220.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Finally, Citigroup boosted their price objective on Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $222.06.

Globant Stock Performance

NYSE GLOB opened at $154.03 on Monday. The stock has a 50-day simple moving average of $214.07 and a 200 day simple moving average of $210.96. Globant has a twelve month low of $151.38 and a twelve month high of $238.32. The stock has a market capitalization of $6.64 billion, a PE ratio of 41.41, a P/E/G ratio of 2.38 and a beta of 1.39.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 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 analyst estimates of $644.42 million. As a group, equities research analysts forecast that Globant will post 5.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Globant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Equitable Trust Co. raised its stake in shares of Globant by 1.1% in the third quarter. Equitable Trust Co. now owns 4,550 shares of the information technology services provider’s stock valued at $902,000 after acquiring an additional 50 shares during the last quarter. M&T Bank Corp increased its holdings in Globant by 3.8% during the 3rd quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock valued at $326,000 after purchasing an additional 60 shares in the last quarter. Franklin Resources Inc. raised its position in Globant by 0.6% in the 3rd quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock valued at $2,704,000 after purchasing an additional 71 shares during the last quarter. Congress Wealth Management LLC DE boosted its stake in Globant by 2.9% in the fourth quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider’s stock worth $575,000 after purchasing an additional 76 shares in the last quarter. 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 worth $58,000 after purchasing an additional 92 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.