JPMorgan Chase & Co. Lowers Globant (NYSE:GLOB) Price Target to $242.00

Globant (NYSE:GLOB) had its target price decreased by JPMorgan Chase & Co. from $248.00 to $242.00 in a report released on Friday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the information technology services provider’s stock.

Several other research firms have also commented on GLOB. UBS Group reduced their target price on shares of Globant from $222.00 to $217.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. Scotiabank increased their target price on shares of Globant from $210.00 to $220.00 and gave the company a “sector perform” rating in a report on Tuesday, November 19th. Canaccord Genuity Group reaffirmed a “hold” rating and set a $205.00 target price on shares of Globant in a report on Monday, November 18th. Jefferies Financial Group increased their target price on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Finally, Piper Sandler cut their price target on shares of Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $227.06.

Globant Stock Performance

Globant stock opened at $152.02 on Friday. Globant has a fifty-two week low of $151.38 and a fifty-two week high of $238.32. The firm’s fifty day moving average price is $215.37 and its 200-day moving average price is $210.82. The stock has a market cap of $6.55 billion, a P/E ratio of 39.69, a price-to-earnings-growth ratio of 2.46 and a beta of 1.39.

Globant (NYSE:GLOB) last released its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a net margin of 7.20% and a return on equity of 11.65%. The business had revenue of $642.48 million for the quarter, compared to the consensus estimate of $644.42 million. On average, analysts predict that Globant will post 4.98 earnings per share for the current year.

Hedge Funds Weigh In On Globant

Several hedge funds and other institutional investors have recently modified their holdings of GLOB. Victory Capital Management Inc. increased its position in shares of 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 valued at $299,162,000 after buying an additional 1,431,112 shares during the period. GQG Partners LLC purchased a new position in shares of Globant during the fourth quarter valued at about $84,906,000. Canada Pension Plan Investment Board purchased a new position in shares of Globant during the fourth quarter valued at about $60,913,000. JPMorgan Chase & Co. increased its position in shares of Globant by 8.6% during the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock valued at $551,506,000 after buying an additional 203,472 shares during the period. Finally, Capital International Investors increased its position in shares of Globant by 13.1% during 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 buying an additional 197,064 shares during the period. Hedge funds and other institutional investors 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.