Globant (NYSE:GLOB) Price Target Lowered to $225.00 at Susquehanna

Globant (NYSE:GLOB - Get Free Report) had its price objective lowered by equities researchers at Susquehanna from $255.00 to $225.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "positive" rating on the information technology services provider's stock. Susquehanna's price objective indicates a potential upside of 109.14% from the company's previous close.

GLOB has been the subject of several other research reports. Redburn Atlantic raised shares of Globant from a "sell" rating to a "neutral" rating and raised their price objective for the stock from $140.00 to $150.00 in a research note on Tuesday, February 25th. Canaccord Genuity Group cut their price objective on Globant from $205.00 to $165.00 and set a "hold" rating on the stock in a research report on Monday, February 24th. StockNews.com upgraded Globant from a "sell" rating to a "hold" rating in a research report on Sunday, April 6th. Needham & Company LLC restated a "buy" rating and issued a $220.00 price target on shares of Globant in a report on Wednesday, March 12th. Finally, Scotiabank reduced their price target on shares of Globant from $220.00 to $170.00 and set a "sector perform" rating on the stock in a research note on Monday, February 24th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $214.69.

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Globant Stock Performance

GLOB stock traded up $2.89 during midday trading on Tuesday, reaching $107.59. 576,846 shares of the company traded hands, compared to its average volume of 590,874. The firm has a market capitalization of $4.74 billion, a price-to-earnings ratio of 28.92, a P/E/G ratio of 2.38 and a beta of 1.50. Globant has a 52-week low of $96.23 and a 52-week high of $238.32. The business has a 50 day moving average of $150.16 and a 200-day moving average of $193.09.

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

Institutional Investors Weigh In On Globant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. M&T Bank Corp boosted its stake in Globant by 3.8% in the 3rd quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider's stock worth $326,000 after purchasing an additional 60 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Globant by 0.6% in the 3rd quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider's stock valued at $2,704,000 after purchasing an additional 71 shares in the last quarter. Congress Wealth Management LLC DE raised its holdings in Globant by 2.9% in the 4th quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider's stock worth $575,000 after purchasing an additional 76 shares during the period. Treasurer of the State of North Carolina boosted its position in Globant by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 18,490 shares of the information technology services provider's stock worth $3,965,000 after purchasing an additional 110 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in Globant by 2.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,813 shares of the information technology services provider's stock valued at $1,032,000 after purchasing an additional 118 shares during the period. 91.60% of the stock is currently owned by hedge funds and other 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.