Globant (NYSE:GLOB) Downgraded to Sell Rating by StockNews.com

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

Several other brokerages have also issued reports on GLOB. Redburn Atlantic upgraded shares of Globant from a “sell” rating to a “neutral” rating and lifted their target price for the company from $140.00 to $150.00 in a research report on Tuesday, February 25th. Scotiabank dropped 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, February 24th. JPMorgan Chase & Co. reduced their target price on Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Canaccord Genuity Group lowered their price target on Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research report on Monday, February 24th. Finally, Piper Sandler cut their price objective on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a report on Friday, February 21st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Globant currently has an average rating of “Moderate Buy” and an average price target of $219.71.

Globant Trading Down 6.3 %

Shares of GLOB stock opened at $118.48 on Friday. The firm’s 50 day moving average is $174.61 and its 200 day moving average is $200.38. The stock has a market capitalization of $5.22 billion, a P/E ratio of 31.85, a PEG ratio of 2.38 and a beta of 1.47. Globant has a 12 month low of $117.61 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 for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). Globant had a net margin of 6.86% and a return on equity of 11.83%. The company had revenue of $642.48 million for the quarter, compared to analysts’ expectations of $644.42 million. On average, equities analysts predict that Globant will post 5.73 EPS for the current year.

Institutional Trading of Globant

Hedge funds have recently bought and sold shares of the stock. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Globant during the 4th quarter valued at about $274,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Globant during the fourth quarter valued at approximately $18,828,000. Jefferies Financial Group Inc. lifted its holdings in Globant by 5.6% during the fourth quarter. Jefferies Financial Group Inc. now owns 16,400 shares of the information technology services provider’s stock valued at $3,516,000 after purchasing an additional 870 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Globant by 163.4% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,500 shares of the information technology services provider’s stock worth $26,266,000 after purchasing an additional 76,000 shares during the period. Finally, Vident Advisory LLC bought a new stake in shares of Globant during the 4th quarter valued at $235,000. 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.