Globant (NYSE:GLOB) Price Target Cut to $85.00 by Analysts at Needham & Company LLC

Key Points

• Needham & Company LLC has lowered Globant's price target from $115.00 to $85.00 while maintaining a "buy" rating, suggesting an 8.98% potential upside from the current stock price.
• Multiple analysts have recently downgraded Globant's stock ratings, with Goldman Sachs downgrading it from "buy" to "neutral" and setting a new price target of $120.00.
• Globant's latest quarterly earnings showed an EPS of $1.53, slightly exceeding analyst expectations, with revenue growth of 4.5% compared to the previous year.

Globant (NYSE:GLOB - Get Free Report) had its target price decreased by Needham & Company LLC from $115.00 to $85.00 in a report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the information technology services provider's stock. Needham & Company LLC's price target indicates a potential upside of 8.98% from the stock's current price.

A number of other analysts also recently issued reports on GLOB. The Goldman Sachs Group downgraded shares of Globant from a "buy" rating to a "neutral" rating and lowered their price target for the stock from $225.00 to $120.00 in a report on Friday, May 16th. Wall Street Zen raised shares of Globant from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Susquehanna lowered their price target on shares of Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a report on Wednesday, April 23rd. Piper Sandler downgraded shares of Globant from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $154.00 to $116.00 in a report on Friday, May 16th. Finally, Guggenheim reissued a "buy" rating and set a $125.00 price target on shares of Globant in a report on Tuesday, June 10th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $153.56.

Globant Stock Down 2.1%

NYSE:GLOB opened at $78.00 on Friday. The firm has a market capitalization of $3.43 billion, a P/E ratio of 23.08, a PEG ratio of 3.27 and a beta of 1.16. Globant has a 1-year low of $73.98 and a 1-year high of $238.32. The company's fifty day moving average price is $88.27 and its 200-day moving average price is $120.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.56 and a quick ratio of 1.56.

Globant (NYSE:GLOB - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The information technology services provider reported $1.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.52 by $0.01. Globant had a net margin of 6.16% and a return on equity of 11.08%. The firm had revenue of $614.18 million for the quarter, compared to the consensus estimate of $612.66 million. During the same period in the prior year, the firm posted $1.51 earnings per share. The firm's quarterly revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Globant will post 5.73 EPS for the current year.

Institutional Investors Weigh In On Globant

A number of large investors have recently modified their holdings of the business. Signaturefd LLC boosted its position in shares of Globant by 29.7% during the 1st quarter. Signaturefd LLC now owns 389 shares of the information technology services provider's stock valued at $46,000 after acquiring an additional 89 shares during the last quarter. Blue Trust Inc. raised its holdings in Globant by 23.6% in the 1st quarter. Blue Trust Inc. now owns 607 shares of the information technology services provider's stock valued at $71,000 after buying an additional 116 shares during the period. Brooklyn Investment Group raised its holdings in Globant by 194.4% in the 1st quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider's stock valued at $25,000 after buying an additional 140 shares during the period. CWM LLC raised its holdings in Globant by 30.1% in the 2nd quarter. CWM LLC now owns 636 shares of the information technology services provider's stock valued at $58,000 after buying an additional 147 shares during the period. Finally, Commerce Bank raised its holdings in Globant by 8.8% in the 4th quarter. Commerce Bank now owns 1,873 shares of the information technology services provider's stock valued at $402,000 after buying an additional 151 shares during the period. Hedge funds and other institutional investors own 91.60% of the company's stock.

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.

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