Scotiabank Trims Globant (NYSE:GLOB) Target Price to $230.00

Globant (NYSE:GLOB) had its target price cut by Scotiabank from $260.00 to $230.00 in a report published on Monday, Benzinga reports. They currently have a sector outperform rating on the information technology services provider’s stock.

Other equities analysts have also issued research reports about the company. Citigroup dropped their target price on Globant from $275.00 to $235.00 and set a buy rating on the stock in a report on Monday, April 22nd. Needham & Company LLC increased their price target on shares of Globant from $215.00 to $275.00 and gave the stock a buy rating in a report on Friday, January 26th. Canaccord Genuity Group restated a hold rating and set a $230.00 target price on shares of Globant in a research report on Tuesday, February 20th. KeyCorp upped their price target on Globant from $266.00 to $272.00 and gave the stock an overweight rating in a report on Friday, February 16th. Finally, Mizuho restated a buy rating and set a $279.00 target price (down previously from $283.00) on shares of Globant in a research report on Tuesday, February 20th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $245.41.

Globant Price Performance

GLOB opened at $183.71 on Monday. The company’s 50 day simple moving average is $203.41 and its two-hundred day simple moving average is $212.15. The firm has a market capitalization of $7.92 billion, a price-to-earnings ratio of 50.61, a price-to-earnings-growth ratio of 1.37 and a beta of 1.35. Globant has a 1-year low of $135.40 and a 1-year high of $251.50.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, February 15th. The information technology services provider reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.08). The business had revenue of $580.71 million for the quarter, compared to analysts’ expectations of $579.70 million. Globant had a return on equity of 11.38% and a net margin of 7.56%. On average, equities analysts anticipate that Globant will post 5.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. lifted its position in Globant by 3.9% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 2,140 shares of the information technology services provider’s stock worth $432,000 after buying an additional 81 shares in the last quarter. Verdence Capital Advisors LLC boosted its holdings in shares of Globant by 36.0% in the 1st quarter. Verdence Capital Advisors LLC now owns 4,281 shares of the information technology services provider’s stock valued at $864,000 after purchasing an additional 1,133 shares in the last quarter. Shaker Investments LLC OH grew its position in Globant by 7.7% in the first quarter. Shaker Investments LLC OH now owns 17,031 shares of the information technology services provider’s stock valued at $3,439,000 after acquiring an additional 1,221 shares during the last quarter. Raymond James & Associates increased its position in Globant by 37.4% during the 1st quarter. Raymond James & Associates now owns 64,533 shares of the information technology services provider’s stock worth $13,029,000 after purchasing an additional 17,554 shares in the last quarter. Finally, Maryland State Retirement & Pension System bought a new position in shares of Globant in the 1st quarter valued at $631,000. Institutional investors and hedge funds 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.