Globant's (GLOB) "Hold" Rating Reiterated at Canaccord Genuity Group

Globant (NYSE:GLOB - Get Free Report)'s stock had its "hold" rating reissued by investment analysts at Canaccord Genuity Group in a note issued to investors on Thursday,Benzinga reports. They currently have a $97.00 price target on the information technology services provider's stock, down from their prior price target of $165.00. Canaccord Genuity Group's price target suggests a potential upside of 6.35% from the stock's current price.

Several other research analysts have also recently weighed in on GLOB. Guggenheim restated a "buy" rating and set a $125.00 target price on shares of Globant in a report on Tuesday, June 10th. Susquehanna lowered their target price on Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a report on Wednesday, April 23rd. Needham & Company LLC lowered their target price on Globant from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Piper Sandler cut Globant from an "overweight" rating to a "neutral" rating and lowered their target price for the stock from $154.00 to $116.00 in a report on Friday, May 16th. Finally, Mizuho set a $153.00 target price on Globant and gave the stock an "outperform" rating in a report on Monday, May 19th. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $174.94.

Globant Price Performance

GLOB stock traded down $0.31 during trading on Thursday, hitting $91.21. The stock had a trading volume of 1,747,639 shares, compared to its average volume of 724,399. 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 has a twelve month low of $86.02 and a twelve month high of $238.32. The stock has a market capitalization of $4.02 billion, a P/E ratio of 26.99, a PEG ratio of 1.76 and a beta of 1.24. The company's 50-day moving average price is $106.49 and its two-hundred day moving average price is $150.41.

Globant (NYSE:GLOB - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $622.18 million. During the same quarter in the previous year, the firm posted $1.53 earnings per share. The company's quarterly revenue was up 7.0% on a year-over-year basis. As a group, research analysts predict that Globant will post 5.73 EPS for the current fiscal year.

Institutional Trading of Globant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLOB. GW&K Investment Management LLC raised its position in Globant by 0.4% in the fourth quarter. GW&K Investment Management LLC now owns 371,595 shares of the information technology services provider's stock valued at $79,678,000 after purchasing an additional 1,645 shares during the period. LGT Group Foundation purchased a new stake in Globant in the fourth quarter valued at approximately $1,583,000. Victory Capital Management Inc. raised its position in Globant by 6.4% in the fourth quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider's stock valued at $344,382,000 after purchasing an additional 96,257 shares during the period. Assetmark Inc. raised its position in Globant by 108,316.7% in the fourth quarter. Assetmark Inc. now owns 6,505 shares of the information technology services provider's stock valued at $1,395,000 after purchasing an additional 6,499 shares during the period. Finally, M&T Bank Corp raised its position in Globant by 26.3% in the fourth quarter. M&T Bank Corp now owns 2,073 shares of the information technology services provider's stock valued at $445,000 after purchasing an additional 432 shares during the period. Hedge funds and other institutional investors own 91.60% of the company's stock.

About Globant

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.