Mizuho Issues Pessimistic Forecast for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its price objective reduced by Mizuho from $194.00 to $153.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an outperform rating on the information technology services provider’s stock.

Several other equities analysts have also recently issued reports on the stock. Susquehanna dropped their price objective on shares of Globant from $225.00 to $160.00 and set a “positive” rating on the stock in a research note on Wednesday, April 23rd. Scotiabank dropped their price objective on shares of Globant from $170.00 to $140.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 29th. Needham & Company LLC dropped their price objective on shares of Globant from $130.00 to $115.00 and set a “buy” rating on the stock in a research note on Friday, May 16th. Piper Sandler cut shares of Globant from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $154.00 to $116.00 in a research note on Friday, May 16th. Finally, UBS Group dropped their price objective on shares of Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Globant presently has an average rating of “Moderate Buy” and an average target price of $179.19.

Globant Price Performance

Shares of Globant stock opened at $102.81 on Monday. The firm’s fifty day simple moving average is $117.06 and its 200-day simple moving average is $175.22. The stock has a market capitalization of $4.53 billion, a price-to-earnings ratio of 27.64, a PEG ratio of 2.38 and a beta of 1.37. Globant has a 12 month low of $88.03 and a 12 month high of $238.32.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). The business had revenue of $611.09 million during the quarter, compared to analyst estimates of $622.18 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.53 earnings per share. Analysts anticipate that Globant will post 5.73 earnings per share for the current year.

Hedge Funds Weigh In On Globant

A number of institutional investors and hedge funds have recently made changes to their positions in GLOB. Invesco Ltd. grew its stake in shares of Globant by 764.3% during the 1st quarter. Invesco Ltd. now owns 945,215 shares of the information technology services provider’s stock worth $111,271,000 after purchasing an additional 835,859 shares during the period. Royal Bank of Canada boosted its position in shares of Globant by 293.5% in the 1st quarter. Royal Bank of Canada now owns 999,955 shares of the information technology services provider’s stock worth $117,716,000 after buying an additional 745,848 shares in the last quarter. Westfield Capital Management Co. LP grew its stake in Globant by 209.0% in the 1st quarter. Westfield Capital Management Co. LP now owns 820,445 shares of the information technology services provider’s stock valued at $96,583,000 after acquiring an additional 554,938 shares during the last quarter. Nuveen LLC acquired a new stake in Globant in the 1st quarter valued at about $58,163,000. Finally, Manning & Napier Advisors LLC grew its stake in Globant by 86.3% in the 1st quarter. Manning & Napier Advisors LLC now owns 907,659 shares of the information technology services provider’s stock valued at $106,850,000 after acquiring an additional 420,382 shares during the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

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.