Globant’s (GLOB) “Hold” Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reiterated their hold rating on shares of Globant (NYSE:GLOB) in a research note published on Thursday,Benzinga reports. They currently have a $97.00 price objective on the information technology services provider’s stock, down from their previous price objective of $165.00.

Several other research firms have also weighed in on GLOB. Needham & Company LLC lowered their price target on Globant from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, May 16th. Susquehanna decreased their target price on shares of Globant from $225.00 to $160.00 and set a “positive” rating for the company in a research note on Wednesday, April 23rd. The Goldman Sachs Group lowered shares of Globant from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $225.00 to $120.00 in a research report on Friday, May 16th. Guggenheim reiterated a “buy” rating and issued a $125.00 price target on shares of Globant in a research note on Tuesday, June 10th. Finally, Piper Sandler lowered shares of Globant from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $154.00 to $116.00 in a research note on Friday, May 16th. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $174.94.

Globant Stock Performance

Shares of GLOB stock opened at $91.21 on Thursday. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.56 and a current ratio of 1.56. Globant has a 52 week low of $86.02 and a 52 week high of $238.32. The company’s 50 day moving average price is $106.49 and its two-hundred day moving average price is $150.89. The company has a market capitalization of $4.02 billion, a P/E ratio of 26.99, a price-to-earnings-growth ratio of 1.76 and a beta of 1.24.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Thursday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). The company had revenue of $611.09 million for the quarter, compared to analyst estimates of $622.18 million. Globant had a return on equity of 11.08% and a net margin of 6.16%. The company’s revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.53 earnings per share. On average, analysts expect that Globant will post 5.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Globant

Several institutional investors and hedge funds have recently made changes to their positions in GLOB. Voya Investment Management LLC lifted its holdings in Globant by 49.0% during the 1st quarter. Voya Investment Management LLC now owns 462,422 shares of the information technology services provider’s stock worth $54,436,000 after purchasing an additional 152,152 shares during the last quarter. Strs Ohio bought a new position in Globant during the 1st quarter worth $1,065,000. Vancity Investment Management Ltd bought a new position in Globant during the 1st quarter worth $896,000. Goldman Sachs Group Inc. lifted its holdings in shares of Globant by 69.3% during the first quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider’s stock worth $8,739,000 after buying an additional 30,386 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Globant in the first quarter valued at about $2,403,000. 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.