Guggenheim Issues Pessimistic Forecast for Globant (NYSE:GLOB) Stock Price

Globant (NYSE:GLOB) had its price objective cut by research analysts at Guggenheim from $150.00 to $125.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the information technology services provider’s stock. Guggenheim’s target price indicates a potential upside of 24.29% from the company’s current price.

A number of other equities research analysts have also recently commented on GLOB. Susquehanna lowered their target price on Globant from $225.00 to $160.00 and set a “positive” rating on the stock in a research note on Wednesday, April 23rd. 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 research note on Friday. The Goldman Sachs Group cut Globant from a “buy” rating to a “neutral” rating and set a $120.00 target price on the stock. in a research note on Friday. Canaccord Genuity Group lowered their target price on Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research note on Monday, February 24th. Finally, Jefferies Financial Group lifted their target price on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $185.38.

Globant Trading Down 24.3%

Shares of NYSE:GLOB opened at $100.58 on Friday. The stock’s fifty day simple moving average is $118.69 and its two-hundred day simple moving average is $177.17. Globant has a 1-year low of $88.03 and a 1-year high of $238.32. The stock has a market cap of $4.43 billion, a PE ratio of 27.04, a price-to-earnings-growth ratio of 2.38 and a beta of 1.37.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.08). Globant had a net margin of 6.86% and a return on equity of 11.83%. The company had revenue of $611.09 million for the quarter, compared to the consensus estimate of $622.18 million. During the same quarter last year, the business posted $1.53 earnings per share. Globant’s revenue was up 7.0% on a year-over-year basis. On average, sell-side analysts forecast that Globant will post 5.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Globant

Hedge funds have recently bought and sold shares of the company. Centricity Wealth Management LLC bought a new position in Globant in the 4th quarter valued at $38,000. Kestra Investment Management LLC bought a new stake in Globant during the fourth quarter valued at $38,000. Van Berkom & Associates Inc. bought a new stake in Globant during the fourth quarter valued at $45,000. Brooklyn Investment Group grew its position in Globant by 194.4% during the first quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider’s stock worth $25,000 after buying an additional 140 shares in the last quarter. Finally, Physician Wealth Advisors Inc. increased its stake in Globant by 140.9% in the 1st quarter. Physician Wealth Advisors Inc. now owns 265 shares of the information technology services provider’s stock worth $31,000 after acquiring an additional 155 shares during the last quarter. 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.