Wells Fargo & Company Cuts Globant (NYSE:GLOB) Price Target to $42.00

Globant (NYSE:GLOB) had its target price cut by equities researchers at Wells Fargo & Company from $50.00 to $42.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the information technology services provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 34.18% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. UBS Group decreased their price target on Globant from $75.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. Wedbush restated an “outperform” rating on shares of Globant in a research note on Monday, May 18th. William Blair downgraded shares of Globant from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Itau BBA Securities downgraded shares of Globant from an “outperform” rating to a “market perform” rating and set a $39.00 price objective for the company. in a report on Wednesday. Finally, Truist Financial decreased their target price on shares of Globant from $54.00 to $44.00 and set a “hold” rating for the company in a research report on Friday, May 15th. Seven research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $61.35.

Globant Stock Performance

Shares of NYSE GLOB opened at $31.30 on Friday. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.16. The stock has a 50 day simple moving average of $36.14 and a 200-day simple moving average of $48.10. The company has a market cap of $1.37 billion, a PE ratio of 12.72, a P/E/G ratio of 1.10 and a beta of 1.06. Globant has a 12-month low of $27.56 and a 12-month high of $94.35.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.50. Globant had a return on equity of 9.87% and a net margin of 4.46%.The business had revenue of $607.09 million during the quarter, compared to analyst estimates of $601.65 million. During the same period in the prior year, the company posted $1.50 EPS. The business’s revenue for the quarter was down .7% compared to the same quarter last year. On average, equities research analysts forecast that Globant will post 4.92 EPS for the current year.

Globant declared that its Board of Directors has initiated a share repurchase plan on Monday, May 18th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the information technology services provider to purchase up to 2.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Globant

Several hedge funds have recently modified their holdings of GLOB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Globant in the 1st quarter worth $447,000. Goldman Sachs Group Inc. boosted its stake in Globant by 69.3% during the first quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider’s stock valued at $8,739,000 after buying an additional 30,386 shares in the last quarter. First Trust Advisors LP grew its holdings in Globant by 61.9% during the second quarter. First Trust Advisors LP now owns 102,280 shares of the information technology services provider’s stock worth $9,291,000 after acquiring an additional 39,122 shares during the period. Marshall Wace LLP grew its holdings in Globant by 823.2% during the second quarter. Marshall Wace LLP now owns 105,894 shares of the information technology services provider’s stock worth $9,619,000 after acquiring an additional 94,424 shares during the period. Finally, Amundi raised its position in Globant by 192.7% in the second quarter. Amundi now owns 7,970 shares of the information technology services provider’s stock worth $727,000 after acquiring an additional 5,247 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

About Globant

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.