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

Globant (NYSE:GLOB - Get Free Report) was downgraded by research analysts at StockNews.com from a "hold" rating to a "sell" rating in a note issued to investors on Saturday.

A number of other analysts have also recently weighed in on GLOB. JPMorgan Chase & Co. decreased their target price on shares of Globant from $248.00 to $242.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Redburn Atlantic upgraded Globant from a "sell" rating to a "neutral" rating and boosted their price objective for the stock from $140.00 to $150.00 in a research report on Tuesday, February 25th. UBS Group dropped their target price on Globant from $217.00 to $190.00 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. Needham & Company LLC restated a "buy" rating and set a $220.00 price target on shares of Globant in a report on Wednesday, March 12th. Finally, Susquehanna initiated coverage on shares of Globant in a report on Tuesday, December 17th. They issued a "positive" rating and a $255.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, Globant currently has a consensus rating of "Moderate Buy" and a consensus target price of $219.71.

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Globant Stock Down 1.2 %

Shares of GLOB stock traded down $1.44 during trading hours on Friday, reaching $117.04. The company's stock had a trading volume of 370,192 shares, compared to its average volume of 823,747. Globant has a fifty-two week low of $114.18 and a fifty-two week high of $238.32. The company has a market capitalization of $5.15 billion, a price-to-earnings ratio of 31.46, a PEG ratio of 2.38 and a beta of 1.47. The firm's 50 day simple moving average is $174.61 and its 200-day simple moving average is $200.39.

Globant (NYSE:GLOB - Get Free Report) last released its earnings results 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). The business had revenue of $642.48 million during the quarter, compared to the consensus estimate of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. Sell-side analysts predict that Globant will post 5.73 earnings per share for the current year.

Institutional Investors Weigh In On Globant

Several institutional investors and hedge funds have recently made changes to their positions in GLOB. Cerity Partners LLC lifted its stake in Globant by 31.0% in the third quarter. Cerity Partners LLC now owns 15,022 shares of the information technology services provider's stock valued at $2,977,000 after buying an additional 3,556 shares during the period. Bank of Montreal Can lifted its position in shares of Globant by 48.9% during the 3rd quarter. Bank of Montreal Can now owns 21,642 shares of the information technology services provider's stock valued at $4,278,000 after acquiring an additional 7,110 shares during the period. Townsquare Capital LLC boosted its stake in Globant by 15.4% during the third quarter. Townsquare Capital LLC now owns 5,878 shares of the information technology services provider's stock worth $1,165,000 after acquiring an additional 784 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in Globant in the third quarter worth $11,145,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Globant by 18.6% in the third 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 in the last quarter. Institutional investors own 91.60% of the company's stock.

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.