Scotiabank Cuts Globant (NYSE:GLOB) Price Target to $170.00

Globant (NYSE:GLOB) had its price objective lowered by Scotiabank from $220.00 to $170.00 in a research note published on Monday morning,Benzinga reports. Scotiabank currently has a sector perform rating on the information technology services provider’s stock.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. decreased their price objective on Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. Piper Sandler dropped their price objective on shares of Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Canaccord Genuity Group decreased their target price on shares of Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research report on Monday. Finally, Needham & Company LLC lowered their price target on shares of Globant from $265.00 to $220.00 and set a “buy” rating for the company in a report on Friday, February 21st. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Globant has an average rating of “Moderate Buy” and an average target price of $221.39.

Globant Stock Performance

Shares of NYSE:GLOB opened at $153.01 on Monday. The firm has a market cap of $6.59 billion, a price-to-earnings ratio of 41.13, a P/E/G ratio of 2.38 and a beta of 1.39. The firm has a fifty day moving average price of $210.10 and a 200 day moving average price of $210.14. Globant has a fifty-two week low of $151.38 and a fifty-two week high of $238.32.

Globant (NYSE:GLOB) last released its quarterly earnings data 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 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 the consensus estimate of $644.42 million. As a group, research analysts predict that Globant will post 5.73 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GLOB. Equitable Trust Co. boosted its position in Globant by 1.1% in the 3rd quarter. Equitable Trust Co. now owns 4,550 shares of the information technology services provider’s stock valued at $902,000 after buying an additional 50 shares during the period. M&T Bank Corp raised its stake in shares of Globant by 3.8% during the third quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock valued at $326,000 after acquiring an additional 60 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Globant by 0.6% in the third quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock valued at $2,704,000 after purchasing an additional 71 shares during the period. Congress Wealth Management LLC DE grew its stake in Globant by 2.9% in the fourth quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider’s stock worth $575,000 after purchasing an additional 76 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in Globant by 46.0% during 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 during the period. 91.60% of the stock is currently owned by institutional investors.

Globant Company Profile

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.