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

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

A number of other brokerages have also commented on GLOB. Scotiabank lowered their price objective on Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a research report on Monday, February 24th. JPMorgan Chase & Co. cut their price objective on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Redburn Atlantic raised shares of Globant from a “sell” rating to a “neutral” rating and raised their price objective for the company from $140.00 to $150.00 in a research note on Tuesday, February 25th. Jefferies Financial Group upped their target price on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, UBS Group reduced their price target on Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Globant has an average rating of “Moderate Buy” and an average price target of $219.71.

Globant Trading Down 0.7 %

Shares of GLOB stock opened at $117.70 on Friday. Globant has a 1 year low of $114.18 and a 1 year high of $238.32. The firm’s 50 day moving average is $172.69 and its 200-day moving average is $199.83. The firm has a market capitalization of $5.18 billion, a price-to-earnings ratio of 31.64, a PEG ratio of 2.38 and a beta of 1.47.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.39). The firm had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. On average, equities research analysts forecast that Globant will post 5.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Globant

Several institutional investors and hedge funds have recently modified their holdings of GLOB. Raymond James Financial Inc. bought a new position in Globant in the fourth quarter valued at approximately $16,737,000. Cullen Frost Bankers Inc. lifted its position in Globant by 5.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 52,934 shares of the information technology services provider’s stock valued at $11,350,000 after acquiring an additional 2,505 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Globant in the 3rd quarter worth $11,145,000. NS Partners Ltd bought a new position in Globant during the 4th quarter worth about $18,933,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Globant by 18.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,816 shares of the information technology services provider’s stock valued at $10,663,000 after purchasing an additional 8,427 shares during the period. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.