Globant (NYSE:GLOB) Cut to Sell at StockNews.com

StockNews.com lowered shares of Globant (NYSE:GLOB) from a hold rating to a sell rating in a research note published on Thursday morning.

A number of other equities research analysts also recently weighed in on the stock. Jefferies Financial Group raised their price target on shares of Globant from $235.00 to $240.00 and gave the company a “buy” rating in a research note on Monday, September 9th. Piper Sandler restated an “overweight” rating and issued a $240.00 price target (up from $238.00) on shares of Globant in a research note on Friday, August 16th. UBS Group restated a “neutral” rating and issued a $235.00 price target (up from $225.00) on shares of Globant in a research note on Tuesday, August 20th. Citigroup lifted their target price on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Globant in a research report on Thursday, August 22nd. They set a “hold” rating and a $210.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Globant currently has a consensus rating of “Moderate Buy” and an average target price of $226.21.

Globant Stock Up 0.1 %

Shares of Globant stock opened at $210.12 on Thursday. The company has a market capitalization of $9.05 billion, a price-to-earnings ratio of 54.86, a PEG ratio of 2.58 and a beta of 1.39. Globant has a 12-month low of $151.68 and a 12-month high of $251.50. The firm’s 50-day moving average price is $203.94 and its two-hundred day moving average price is $188.07.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The firm had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. During the same period in the prior year, the company posted $1.04 earnings per share. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, sell-side analysts expect that Globant will post 5.05 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GLOB. Seven Eight Capital LP bought a new stake in shares of Globant in the 1st quarter valued at $2,138,000. Vanguard Group Inc. increased its stake in shares of Globant by 7.9% in the 1st quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock valued at $22,681,000 after acquiring an additional 8,267 shares in the last quarter. Cetera Investment Advisers increased its stake in shares of Globant by 1,079.8% in the 1st quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock valued at $4,066,000 after acquiring an additional 18,433 shares in the last quarter. Jupiter Asset Management Ltd. increased its stake in shares of Globant by 14.6% in the 1st quarter. Jupiter Asset Management Ltd. now owns 42,584 shares of the information technology services provider’s stock valued at $8,598,000 after acquiring an additional 5,441 shares in the last quarter. Finally, Brown Brothers Harriman & Co. increased its stake in shares of Globant by 97.4% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 154,538 shares of the information technology services provider’s stock valued at $27,548,000 after acquiring an additional 76,256 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.