StockNews.com Downgrades Globant (NYSE:GLOB) to Sell

StockNews.com cut shares of Globant (NYSE:GLOB) from a hold rating to a sell rating in a research note released on Saturday morning.

A number of other equities research analysts have also recently issued reports on the company. Needham & Company LLC upped their target price on Globant from $245.00 to $265.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. boosted their price objective on Globant from $237.00 to $248.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Piper Sandler lowered their target price on shares of Globant from $240.00 to $237.00 and set an “overweight” rating on the stock in a research note on Friday, November 15th. UBS Group reissued a “neutral” rating and set a $235.00 price objective (up from $225.00) on shares of Globant in a report on Tuesday, August 20th. Finally, Citigroup boosted their price target on shares of Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research report on Monday, October 28th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $229.06.

Globant Trading Up 2.2 %

Globant stock opened at $208.59 on Friday. Globant has a 1-year low of $151.68 and a 1-year high of $251.50. The firm’s fifty day simple moving average is $209.12 and its 200-day simple moving average is $191.36. The company has a market capitalization of $8.99 billion, a P/E ratio of 53.70, a P/E/G ratio of 2.49 and a beta of 1.39.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Wasatch Advisors LP grew its stake in 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 acquiring an additional 88,829 shares during the period. Victory Capital Management Inc. boosted its stake 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 purchasing an additional 1,431,112 shares during the period. Manning & Napier Advisors LLC bought a new position in Globant during the 2nd quarter worth about $99,396,000. Sei Investments Co. raised its stake 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 valued at $91,432,000 after purchasing an additional 155,112 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Globant by 57.5% in 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 purchasing an additional 161,512 shares in the last quarter. Institutional investors and hedge funds 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.