Piper Sandler Lowers Globant (NYSE:GLOB) Price Target to $230.00

Globant (NYSE:GLOB) had its price objective dropped by equities researchers at Piper Sandler from $237.00 to $230.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the information technology services provider’s stock. Piper Sandler’s target price points to a potential upside of 51.30% from the company’s previous close.

Other analysts have also issued reports about the company. Citigroup raised their price objective on Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research note on Monday, October 28th. TD Cowen increased their target price on Globant from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Jefferies Financial Group increased their target price on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. StockNews.com upgraded Globant from a “sell” rating to a “hold” rating in a research report on Sunday, November 24th. Finally, UBS Group lowered their price objective on Globant from $222.00 to $217.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $227.06.

Globant Stock Performance

GLOB opened at $152.02 on Friday. The firm has a market cap of $6.55 billion, a P/E ratio of 40.86, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39. Globant has a 52-week low of $151.38 and a 52-week high of $238.32. The business’s fifty day moving average is $214.07 and its 200-day moving average is $210.61.

Globant (NYSE:GLOB) last released 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 company had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. On average, research analysts predict that Globant will post 5.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Creative Planning grew its stake in Globant by 20.5% in the 3rd quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock valued at $409,000 after purchasing an additional 351 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Globant during the 3rd quarter valued at $11,145,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Globant by 18.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,816 shares of the information technology services provider’s stock valued at $10,663,000 after buying an additional 8,427 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Globant by 121.3% during the 3rd quarter. Principal Financial Group Inc. now owns 30,351 shares of the information technology services provider’s stock valued at $6,014,000 after buying an additional 16,639 shares during the last quarter. Finally, Brown Brothers Harriman & Co. lifted its holdings in Globant by 32.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 204,135 shares of the information technology services provider’s stock worth $40,447,000 after purchasing an additional 49,597 shares in the last quarter. 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.