Globant (NYSE:GLOB) Price Target Cut to $154.00 by Analysts at Piper Sandler

Globant (NYSE:GLOB - Free Report) had its price target decreased by Piper Sandler from $230.00 to $154.00 in a research report released on Wednesday morning,Benzinga reports. Piper Sandler currently has an overweight rating on the information technology services provider's stock.

GLOB has been the subject of several other reports. Scotiabank cut their price target on shares of Globant from $220.00 to $170.00 and set a "sector perform" rating for the company in a report on Monday, February 24th. Redburn Atlantic raised Globant from a "sell" rating to a "neutral" rating and lifted their target price for the company from $140.00 to $150.00 in a research note on Tuesday, February 25th. Needham & Company LLC reiterated a "buy" rating and issued a $220.00 price target on shares of Globant in a report on Wednesday, March 12th. Canaccord Genuity Group cut their target price on shares of Globant from $205.00 to $165.00 and set a "hold" rating on the stock in a research report on Monday, February 24th. Finally, Susquehanna lowered their price target on shares of Globant from $255.00 to $225.00 and set a "positive" rating for the company in a research report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $209.94.

Globant Trading Down 1.3 %

GLOB stock traded down $1.43 during midday trading on Wednesday, hitting $104.50. The stock had a trading volume of 143,104 shares, compared to its average volume of 595,191. The firm has a market capitalization of $4.60 billion, a price-to-earnings ratio of 28.09, a P/E/G ratio of 2.38 and a beta of 1.50. The stock has a 50-day simple moving average of $139.24 and a 200 day simple moving average of $189.88. Globant has a 52 week low of $96.23 and a 52 week high of $238.32.

Globant (NYSE:GLOB - Get Free Report) last issued its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.39). The business had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. On average, equities analysts forecast that Globant will post 5.73 EPS for the current year.

Institutional Investors Weigh In On Globant

Several large investors have recently made changes to their positions in GLOB. Centricity Wealth Management LLC acquired a new stake in Globant in the fourth quarter valued at $38,000. Kestra Investment Management LLC acquired a new position in Globant during the fourth quarter worth approximately $38,000. Wilmington Savings Fund Society FSB bought a new stake in Globant in the third quarter valued at approximately $40,000. Van Berkom & Associates Inc. acquired a new stake in shares of Globant in the fourth quarter valued at approximately $45,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of Globant by 186.7% during the 1st quarter. Farther Finance Advisors LLC now owns 387 shares of the information technology services provider's stock worth $45,000 after acquiring an additional 252 shares during the period. Institutional investors and hedge funds 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.