Scotiabank Has Negative Forecast for Globant FY2024 Earnings

Globant S.A. (NYSE:GLOBFree Report) – Scotiabank reduced their FY2024 earnings estimates for shares of Globant in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst D. Goyal now forecasts that the information technology services provider will earn $4.93 per share for the year, down from their prior estimate of $5.04. Scotiabank has a “Sector Perform” rating and a $220.00 price objective on the stock. The consensus estimate for Globant’s current full-year earnings is $5.01 per share. Scotiabank also issued estimates for Globant’s FY2025 earnings at $5.68 EPS.

GLOB has been the subject of several other reports. Citigroup lifted their price target on shares of Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research note on Monday, October 28th. StockNews.com raised Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. Susquehanna began coverage on Globant in a research note on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price objective for the company. 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. Finally, JPMorgan Chase & Co. lifted their price target on shares of Globant from $237.00 to $248.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and a consensus target price of $230.44.

View Our Latest Stock Analysis on Globant

Globant Stock Performance

Globant stock opened at $207.48 on Monday. The stock’s 50 day moving average price is $221.08 and its two-hundred day moving average price is $206.07. The stock has a market capitalization of $8.94 billion, a price-to-earnings ratio of 54.17, a PEG ratio of 2.67 and a beta of 1.38. Globant has a 52-week low of $151.68 and a 52-week high of $251.50.

Institutional Investors Weigh In On Globant

Hedge funds have recently made changes to their positions in the business. Wasatch Advisors LP raised its stake in shares of Globant by 2.6% during 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 acquiring an additional 88,829 shares during the last quarter. JPMorgan Chase & Co. raised its position in Globant by 6.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,368,608 shares of the information technology services provider’s stock valued at $469,316,000 after purchasing an additional 153,385 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in 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 buying an additional 1,431,112 shares during the period. Sei Investments Co. grew its position in shares of Globant by 43.4% in the 2nd 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 last quarter. Finally, Dimensional Fund Advisors LP increased its stake 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 valued at $78,851,000 after buying an additional 161,512 shares during the period. 91.60% of the stock is currently owned by institutional investors.

About Globant

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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.

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