Needham & Company LLC Issues Pessimistic Forecast for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its target price reduced by Needham & Company LLC from $265.00 to $220.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price target indicates a potential upside of 44.72% from the company’s previous close.

Several other brokerages have also recently commented on GLOB. Scotiabank upped their target price on shares of Globant from $210.00 to $220.00 and gave the company a “sector perform” rating in a research report on Tuesday, November 19th. Susquehanna began coverage on shares of Globant in a research note on Tuesday, December 17th. They issued a “positive” rating and a $255.00 target price for the company. UBS Group reduced their target price on shares of Globant from $222.00 to $217.00 and set a “neutral” rating for the company in a research note on Monday, February 3rd. 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 note on Wednesday, October 30th. Finally, Jefferies Financial Group increased their price objective on shares of Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $227.06.

Globant Trading Down 27.7 %

NYSE GLOB opened at $152.02 on Friday. The stock’s 50 day moving average is $214.07 and its two-hundred day moving average is $210.61. The company has a market capitalization of $6.55 billion, a price-to-earnings ratio of 40.86, a PEG ratio of 2.38 and a beta of 1.39. Globant has a 1-year low of $151.38 and a 1-year high of $238.32.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $644.42 million. On average, analysts predict that Globant will post 5.73 earnings per share for the current year.

Hedge Funds Weigh In On Globant

A number of hedge funds have recently modified their holdings of GLOB. Centricity Wealth Management LLC bought a new stake in Globant during the fourth quarter valued at $38,000. Kestra Investment Management LLC acquired a new stake in shares of Globant in the 4th quarter worth about $38,000. Wilmington Savings Fund Society FSB acquired a new stake in shares of Globant in the 3rd quarter worth about $40,000. Van Berkom & Associates Inc. acquired a new stake in shares of Globant in the 4th quarter worth about $45,000. Finally, Signaturefd LLC grew its position in Globant by 46.0% in the 3rd 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. Institutional investors and hedge funds 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.