Piper Sandler Cuts Globant (NYSE:GLOB) Price Target to $237.00

Globant (NYSE:GLOB) had its target price trimmed by Piper Sandler from $240.00 to $237.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

Other research analysts also recently issued reports about the stock. Scotiabank upped their target price on shares of Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research note on Wednesday, August 21st. UBS Group restated a “neutral” rating and set a $235.00 target price (up from $225.00) on shares of Globant in a research note on Tuesday, August 20th. Deutsche Bank Aktiengesellschaft assumed coverage on Globant in a research note on Thursday, August 22nd. They issued a “hold” rating and a $210.00 price target on the stock. Canaccord Genuity Group raised their price objective on Globant from $175.00 to $205.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Finally, StockNews.com raised Globant from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $228.50.

Globant Price Performance

Shares of GLOB opened at $203.29 on Friday. Globant has a 12 month low of $151.68 and a 12 month high of $251.50. The stock’s 50-day moving average is $208.98 and its two-hundred day moving average is $191.09. The stock has a market cap of $8.76 billion, a PE ratio of 53.08, a P/E/G ratio of 2.49 and a beta of 1.39.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, topping the consensus estimate of $1.50 by $0.01. Globant had a return on equity of 11.87% and a net margin of 7.20%. The firm had revenue of $587.46 million for the quarter, compared to analyst estimates of $586.72 million. During the same period in the previous year, the company posted $1.04 EPS. Globant’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, research analysts anticipate that Globant will post 5.06 earnings per share for the current year.

Hedge Funds Weigh In On Globant

Several institutional investors have recently made changes to their positions in GLOB. Victory Capital Management Inc. increased its holdings in shares of Globant by 1,817.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock worth $299,162,000 after acquiring an additional 1,431,112 shares during the period. Manning & Napier Advisors LLC acquired a new stake in shares of Globant in the second quarter valued at approximately $99,396,000. Dimensional Fund Advisors LP boosted its position in shares of Globant by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock worth $78,851,000 after buying an additional 161,512 shares during the period. Sei Investments Co. boosted its position in shares of Globant by 43.4% during the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after buying an additional 155,112 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in Globant by 89.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock worth $47,450,000 after buying an additional 126,030 shares in the last quarter. 91.60% of the stock is 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.