Globant (NYSE:GLOB) Price Target Cut to $217.00 by Analysts at UBS Group

Globant (NYSE:GLOB - Get Free Report) had its price objective dropped by stock analysts at UBS Group from $222.00 to $217.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "neutral" rating on the information technology services provider's stock. UBS Group's price objective suggests a potential downside of 0.15% from the company's current price.

GLOB has been the subject of several other research reports. TD Cowen upped their price objective on shares of Globant from $230.00 to $240.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. StockNews.com upgraded shares of Globant from a "sell" rating to a "hold" rating in a research report on Sunday, November 24th. JPMorgan Chase & Co. raised their target price on Globant from $237.00 to $248.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. Needham & Company LLC restated a "buy" rating and set a $265.00 price objective on shares of Globant in a research report on Friday, January 24th. Finally, Susquehanna assumed coverage on Globant in a research report on Tuesday, December 17th. They issued a "positive" rating and a $255.00 target price on the stock. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $230.28.

Globant Price Performance

NYSE GLOB traded up $3.04 on Monday, reaching $217.32. The stock had a trading volume of 397,376 shares, compared to its average volume of 431,742. Globant has a 1-year low of $151.68 and a 1-year high of $245.81. The company has a market cap of $9.36 billion, a P/E ratio of 56.74, a price-to-earnings-growth ratio of 2.33 and a beta of 1.39. The firm has a fifty day moving average of $216.56 and a two-hundred day moving average of $208.92.

Institutional Investors Weigh In On Globant

Several large investors have recently modified their holdings of GLOB. Marshall Wace LLP bought a new stake in Globant in the second quarter valued at $1,319,000. Quarry LP grew its stake in Globant by 529.6% in the second quarter. Quarry LP now owns 170 shares of the information technology services provider's stock valued at $30,000 after acquiring an additional 143 shares during the period. Cetera Investment Advisers increased its holdings in shares of Globant by 5.9% during the second quarter. Cetera Investment Advisers now owns 21,327 shares of the information technology services provider's stock valued at $3,802,000 after acquiring an additional 1,187 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Globant during the second quarter worth approximately $474,000. Finally, Handelsbanken Fonder AB lifted its holdings in shares of Globant by 42.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 11,800 shares of the information technology services provider's stock worth $2,338,000 after purchasing an additional 3,500 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.