UBS Group Has Lowered Expectations for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its target price lowered by research analysts at UBS Group from $217.00 to $190.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the information technology services provider’s stock. UBS Group’s price objective suggests a potential upside of 28.26% from the company’s previous close.

Other equities analysts also recently issued research reports about the company. Piper Sandler decreased their target price on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Canaccord Genuity Group decreased their price objective on shares of Globant from $205.00 to $165.00 and set a “hold” rating for the company in a report on Monday. StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. Susquehanna began coverage on shares of Globant in a research note on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price target for the company. Finally, Scotiabank lowered their price objective on shares of Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a report on Monday. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Globant currently has a consensus rating of “Moderate Buy” and a consensus target price of $221.39.

Globant Stock Down 3.1 %

Shares of Globant stock opened at $148.14 on Wednesday. The firm has a market cap of $6.38 billion, a PE ratio of 39.82, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39. The company’s fifty day simple moving average is $208.60 and its two-hundred day simple moving average is $209.71. Globant has a 12-month low of $147.62 and a 12-month high of $238.32.

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

Hedge Funds Weigh In On Globant

Several large investors have recently modified their holdings of the stock. Victory Capital Management Inc. grew its position in Globant by 1,817.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after purchasing an additional 1,431,112 shares during the last quarter. GQG Partners LLC purchased a new stake in shares of Globant during the fourth quarter valued at approximately $84,906,000. Canada Pension Plan Investment Board purchased a new stake in shares of Globant during the fourth quarter valued at approximately $60,913,000. JPMorgan Chase & Co. increased its position in shares of Globant by 8.6% during the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after acquiring an additional 203,472 shares in the last quarter. Finally, Capital International Investors raised its holdings in Globant by 13.1% in the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock worth $364,723,000 after acquiring an additional 197,064 shares during the last quarter. Hedge funds and other institutional investors 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.