Globant (NYSE:GLOB) Stock Rating Lowered by StockNews.com

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 research analysts have also recently issued reports on the stock. Jefferies Financial Group boosted their price objective on shares of Globant from $235.00 to $240.00 and gave the company a "buy" rating in a report on Monday, September 9th. TD Cowen raised their price target on Globant from $230.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday. UBS Group reiterated a "neutral" rating and issued a $235.00 price objective (up from $225.00) on shares of Globant in a research report on Tuesday, August 20th. Canaccord Genuity Group raised their target price on shares of Globant from $175.00 to $205.00 and gave the stock a "hold" rating in a report on Wednesday, August 21st. Finally, KeyCorp increased their price objective on shares of Globant from $220.00 to $235.00 and gave the stock an "overweight" rating in a research report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. According to MarketBeat, Globant has a consensus rating of "Moderate Buy" and an average target price of $228.50.

Globant Stock Down 11.1 %

GLOB traded down $25.50 during trading on Friday, hitting $203.29. The company's stock had a trading volume of 1,348,800 shares, compared to its average volume of 483,667. The firm's 50 day moving average price is $208.98 and its two-hundred day moving average price is $191.01. The stock has a market capitalization of $8.76 billion, a price-to-earnings ratio of 53.04, a price-to-earnings-growth ratio of 2.91 and a beta of 1.39. Globant has a 12 month low of $151.68 and a 12 month high of $251.50.

Globant (NYSE:GLOB - Get Free Report) last issued its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The company had revenue of $587.46 million for the quarter, compared to analyst estimates of $586.72 million. During the same quarter last year, the firm earned $1.04 EPS. The company's revenue for the quarter was up 18.1% on a year-over-year basis. On average, sell-side analysts forecast that Globant will post 5.06 earnings per share for the current year.

Hedge Funds Weigh In On Globant

A number of institutional investors have recently bought and sold shares of GLOB. M&T Bank Corp boosted its position in Globant by 3.8% during the third 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 during the period. Barclays PLC boosted its holdings in shares of Globant by 132.9% during the 3rd quarter. Barclays PLC now owns 22,537 shares of the information technology services provider's stock worth $4,467,000 after buying an additional 12,862 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Globant during the 3rd quarter worth about $12,637,000. Pier Capital LLC grew its stake in Globant by 96.1% in the 3rd quarter. Pier Capital LLC now owns 45,550 shares of the information technology services provider's stock valued at $9,025,000 after buying an additional 22,318 shares during the last quarter. Finally, National Bank of Canada FI raised its holdings in Globant by 3.3% in the 3rd quarter. National Bank of Canada FI now owns 3,816 shares of the information technology services provider's stock valued at $756,000 after acquiring an additional 122 shares during the period. Institutional investors and hedge funds 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.