Globant (NYSE:GLOB) Given “Hold” Rating at Canaccord Genuity Group

Globant (NYSE:GLOB)‘s stock had its “hold” rating reiterated by equities research analysts at Canaccord Genuity Group in a research report issued on Thursday,Benzinga reports. They currently have a $97.00 target price on the information technology services provider’s stock, down from their previous target price of $165.00. Canaccord Genuity Group’s price objective would suggest a potential upside of 9.11% from the stock’s current price.

A number of other research firms have also commented on GLOB. Wall Street Zen upgraded shares of Globant from a “sell” rating to a “hold” rating in a research report on Monday, May 19th. Mizuho set a $153.00 target price on Globant and gave the stock an “outperform” rating in a research note on Monday, May 19th. The Goldman Sachs Group downgraded Globant from a “buy” rating to a “neutral” rating and dropped their price target for the company from $225.00 to $120.00 in a research report on Friday, May 16th. Needham & Company LLC lowered their price target on Globant from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, May 16th. Finally, Piper Sandler lowered Globant from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $154.00 to $116.00 in a research report on Friday, May 16th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $174.94.

Globant Stock Performance

Shares of GLOB opened at $88.90 on Thursday. Globant has a 52-week low of $86.02 and a 52-week high of $238.32. The stock’s 50-day simple moving average is $107.06 and its 200 day simple moving average is $153.21. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $3.91 billion, a price-to-earnings ratio of 26.30, a price-to-earnings-growth ratio of 1.76 and a beta of 1.24.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). Globant had a return on equity of 11.08% and a net margin of 6.16%. The firm had revenue of $611.09 million during the quarter, compared to analysts’ expectations of $622.18 million. During the same period in the previous year, the company posted $1.53 earnings per share. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. Research analysts forecast that Globant will post 5.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Globant

Several hedge funds and other institutional investors have recently modified their holdings of GLOB. Brooklyn Investment Group raised its position in Globant by 194.4% during the 1st quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider’s stock valued at $25,000 after purchasing an additional 140 shares during the last quarter. Physician Wealth Advisors Inc. increased its stake in shares of Globant by 140.9% during the first quarter. Physician Wealth Advisors Inc. now owns 265 shares of the information technology services provider’s stock valued at $31,000 after buying an additional 155 shares during the period. Promus Capital LLC bought a new position in Globant in the 4th quarter worth $64,000. Bessemer Group Inc. bought a new position in Globant in the first quarter worth about $39,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Globant during the fourth quarter valued at approximately $81,000. 91.60% of the stock is owned by institutional investors.

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.