Globant (NYSE:GLOB) Rating Lowered to Neutral at The Goldman Sachs Group

The Goldman Sachs Group downgraded shares of Globant (NYSE:GLOB) from a buy rating to a neutral rating in a research report sent to investors on Friday morning, MarketBeat reports. The firm currently has $120.00 price target on the information technology services provider’s stock.

GLOB has been the topic of a number of other reports. Jefferies Financial Group increased their price target on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. UBS Group cut their price target on shares of Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price target on shares of Globant in a research report on Wednesday, March 12th. Redburn Atlantic raised Globant from a “sell” rating to a “neutral” rating and increased their target price for the stock from $140.00 to $150.00 in a research note on Tuesday, February 25th. Finally, StockNews.com cut Globant from a “hold” rating to a “sell” rating in a research note on Sunday, May 11th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $186.24.

Globant Trading Down 24.3%

Globant stock opened at $100.58 on Friday. The company has a market cap of $4.43 billion, a PE ratio of 27.04, a PEG ratio of 2.38 and a beta of 1.37. The company’s 50-day moving average is $118.69 and its two-hundred day moving average is $177.42. Globant has a 1 year low of $88.03 and a 1 year high of $238.32.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). The firm had revenue of $611.09 million during the quarter, compared to analyst estimates of $622.18 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. The business’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.53 earnings per share. Research analysts forecast that Globant will post 5.73 EPS for the current year.

Hedge Funds Weigh In On Globant

Several hedge funds have recently made changes to their positions in the business. Vancity Investment Management Ltd bought a new position in shares of Globant during the 1st quarter worth approximately $896,000. Goldman Sachs Group Inc. grew its stake in shares of Globant by 69.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider’s stock worth $8,739,000 after acquiring an additional 30,386 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Globant during the 1st quarter worth approximately $2,403,000. Scientech Research LLC bought a new position in shares of Globant during the 1st quarter worth approximately $889,000. Finally, Petrus Trust Company LTA bought a new position in shares of Globant during the 1st quarter worth approximately $204,000. 91.60% of the stock is owned by institutional investors.

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.