Piper Sandler Has Lowered Expectations for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its target price reduced by equities researchers at Piper Sandler from $237.00 to $230.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the information technology services provider’s stock. Piper Sandler’s price objective indicates a potential upside of 9.30% from the stock’s current price.

A number of other brokerages also recently commented on GLOB. Citigroup lifted their price objective 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. TD Cowen lifted their price target on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, November 15th. UBS Group dropped their price objective on Globant from $222.00 to $217.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Scotiabank lifted their target price on Globant from $210.00 to $220.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Finally, StockNews.com raised Globant from a “sell” rating to a “hold” rating in a report on Sunday, November 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Globant has a consensus rating of “Moderate Buy” and an average price target of $227.39.

Globant Stock Performance

NYSE:GLOB opened at $210.43 on Friday. Globant has a 52-week low of $151.68 and a 52-week high of $238.32. The company has a market cap of $9.07 billion, a P/E ratio of 54.94, a P/E/G ratio of 2.46 and a beta of 1.39. The stock’s 50-day simple moving average is $215.37 and its 200 day simple moving average is $210.82.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). Globant had a return on equity of 11.65% and a net margin of 7.20%. As a group, equities analysts predict that Globant will post 4.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GLOB. Victory Capital Management Inc. grew its position in Globant by 1,817.5% during the third 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 in the last quarter. GQG Partners LLC acquired a new stake in shares of Globant during the 4th quarter worth $84,906,000. Canada Pension Plan Investment Board acquired a new stake in shares of Globant during the 4th quarter worth $60,913,000. JPMorgan Chase & Co. increased its position in shares of Globant by 8.6% in the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock worth $551,506,000 after purchasing an additional 203,472 shares during the period. Finally, Capital International Investors raised its stake in Globant by 13.1% in the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock valued at $364,723,000 after purchasing an additional 197,064 shares in the last quarter. 91.60% of the stock is owned by institutional investors.

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.