Globant (NYSE:GLOB) Price Target Lowered to $257.00 at JPMorgan Chase & Co.

Globant (NYSE:GLOB - Free Report) had its price objective reduced by JPMorgan Chase & Co. from $273.00 to $257.00 in a research report sent to investors on Thursday, Benzinga reports. They currently have an overweight rating on the information technology services provider's stock.

A number of other brokerages have also recently weighed in on GLOB. Piper Sandler upped their price objective on Globant from $257.00 to $290.00 and gave the stock an overweight rating in a research note on Friday, February 16th. HSBC decreased their price objective on Globant from $275.00 to $270.00 and set a buy rating for the company in a research note on Wednesday, April 3rd. UBS Group upped their price objective on Globant from $230.00 to $240.00 and gave the stock a neutral rating in a research note on Monday, February 26th. Wedbush restated an outperform rating and set a $250.00 price objective on shares of Globant in a research note on Friday, February 16th. Finally, Guggenheim started coverage on Globant in a research report on Tuesday, March 19th. They set a buy rating and a $250.00 target price on the stock. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, Globant presently has a consensus rating of Moderate Buy and an average target price of $244.35.

Globant Stock Performance

NYSE GLOB traded up $1.65 on Thursday, reaching $179.58. 402,139 shares of the stock traded hands, compared to its average volume of 443,998. The company has a fifty day moving average price of $201.68 and a 200-day moving average price of $211.83. The company has a market cap of $7.74 billion, a price-to-earnings ratio of 49.53, a PEG ratio of 1.35 and a beta of 1.35. Globant has a 12 month low of $135.40 and a 12 month high of $251.50.

Globant (NYSE:GLOB - Get Free Report) last issued its earnings results on Thursday, February 15th. The information technology services provider reported $1.26 earnings per share for the quarter, missing analysts' consensus estimates of $1.34 by ($0.08). The firm had revenue of $580.71 million for the quarter, compared to the consensus estimate of $579.70 million. Globant had a net margin of 7.56% and a return on equity of 11.38%. As a group, research analysts anticipate that Globant will post 5.03 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of GLOB. Janney Montgomery Scott LLC grew its holdings in Globant by 11.9% during the first quarter. Janney Montgomery Scott LLC now owns 16,157 shares of the information technology services provider's stock worth $3,262,000 after acquiring an additional 1,715 shares during the period. BNP Paribas Financial Markets grew its holdings in Globant by 733.4% during the first quarter. BNP Paribas Financial Markets now owns 18,235 shares of the information technology services provider's stock worth $3,682,000 after acquiring an additional 16,047 shares during the period. Norden Group LLC acquired a new stake in Globant during the first quarter worth about $659,000. Benjamin F. Edwards & Company Inc. grew its holdings in Globant by 3.9% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 2,140 shares of the information technology services provider's stock worth $432,000 after acquiring an additional 81 shares during the period. Finally, Verdence Capital Advisors LLC grew its holdings in Globant by 36.0% during the first quarter. Verdence Capital Advisors LLC now owns 4,281 shares of the information technology services provider's stock worth $864,000 after acquiring an additional 1,133 shares during the period. 91.60% of the stock is owned by institutional investors and hedge funds.

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.