JPMorgan Chase & Co. Cuts Globant (NYSE:GLOB) Price Target to $242.00

Globant (NYSE:GLOB) had its price objective cut by JPMorgan Chase & Co. from $248.00 to $242.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the information technology services provider’s stock.

Several other research firms have also commented on GLOB. Needham & Company LLC lowered their target price on Globant from $265.00 to $220.00 and set a “buy” rating for the company in a report on Friday. TD Cowen upped their target price on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Citigroup increased 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. StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. Finally, Piper Sandler cut their target price on shares of Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday. One investment 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 presently has a consensus rating of “Moderate Buy” and an average price target of $227.06.

Globant Stock Performance

NYSE:GLOB opened at $152.02 on Friday. The stock has a market cap of $6.55 billion, a price-to-earnings ratio of 40.86, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39. Globant has a one year low of $151.38 and a one year high of $238.32. The business’s 50-day simple moving average is $214.07 and its 200 day simple moving average is $210.79.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.39). The firm had revenue of $642.48 million during the quarter, compared to the consensus estimate of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. On average, equities research analysts predict that Globant will post 5.73 EPS for the current year.

Institutional Investors Weigh In On Globant

A number of hedge funds have recently bought and sold shares of GLOB. Wasatch Advisors LP lifted its stake in shares of Globant by 2.6% in the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock valued at $689,553,000 after buying an additional 88,829 shares during the period. JPMorgan Chase & Co. increased its holdings 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 worth $551,506,000 after buying an additional 203,472 shares in the last quarter. Capital International Investors increased its holdings in shares of Globant by 13.1% during the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock worth $364,723,000 after buying an additional 197,064 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Globant by 6.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider’s stock worth $344,382,000 after buying an additional 96,257 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of Globant by 0.6% during the fourth quarter. Jennison Associates LLC now owns 802,547 shares of the information technology services provider’s stock worth $172,082,000 after buying an additional 4,970 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

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.