Globant (NYSE:GLOB) Price Target Cut to $70.00 by Analysts at Canaccord Genuity Group

Globant (NYSE:GLOB) had its price objective decreased by equities research analysts at Canaccord Genuity Group from $80.00 to $70.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “hold” rating on the information technology services provider’s stock. Canaccord Genuity Group’s price objective suggests a potential upside of 14.25% from the company’s previous close.

Several other research analysts have also weighed in on GLOB. Needham & Company LLC dropped their price target on Globant from $85.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday. Wells Fargo & Company upgraded Globant to a “hold” rating in a report on Wednesday, October 22nd. The Goldman Sachs Group reduced their price target on shares of Globant from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, October 9th. Citigroup raised shares of Globant to a “hold” rating in a research report on Thursday, October 23rd. Finally, JPMorgan Chase & Co. decreased their target price on shares of Globant from $78.00 to $75.00 and set a “neutral” rating for the company in a research note on Friday. Seven research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Globant presently has an average rating of “Hold” and an average target price of $119.94.

Globant Trading Down 2.5%

Shares of NYSE:GLOB traded down $1.57 during midday trading on Friday, reaching $61.27. The company had a trading volume of 1,987,899 shares, compared to its average volume of 1,244,659. The company has a fifty day simple moving average of $59.20 and a two-hundred day simple moving average of $80.85. The firm has a market cap of $2.70 billion, a price-to-earnings ratio of 24.95, a price-to-earnings-growth ratio of 5.88 and a beta of 1.20. Globant has a 1-year low of $54.36 and a 1-year high of $235.08. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.71 and a current ratio of 1.71.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, November 13th. The information technology services provider reported $1.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.55 by ($0.02). Globant had a return on equity of 10.76% and a net margin of 4.44%.The company had revenue of $617.14 million for the quarter, compared to analyst estimates of $615.32 million. During the same quarter in the previous year, the firm posted $1.63 EPS. Globant’s quarterly revenue was up .4% on a year-over-year basis. Globant has set its FY 2025 guidance at 6.120- EPS. Q4 2025 guidance at 1.530- EPS. Research analysts predict that Globant will post 5.73 earnings per share for the current year.

Globant declared that its board has approved a stock repurchase plan on Wednesday, October 1st that permits the company to repurchase $125.00 million in shares. This repurchase authorization permits the information technology services provider to buy up to 5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Globant

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. increased its stake in shares of Globant by 199.1% during the second quarter. Invesco Ltd. now owns 2,827,155 shares of the information technology services provider’s stock worth $256,819,000 after purchasing an additional 1,881,940 shares during the period. ARGA Investment Management LP boosted its holdings in shares of Globant by 14,073.7% during the 3rd quarter. ARGA Investment Management LP now owns 2,057,594 shares of the information technology services provider’s stock valued at $118,065,000 after acquiring an additional 2,043,077 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in shares of Globant by 34.1% in the second quarter. Westfield Capital Management Co. LP now owns 1,100,526 shares of the information technology services provider’s stock valued at $99,972,000 after buying an additional 280,081 shares during the period. Schroder Investment Management Group increased its holdings in Globant by 20.1% in the second quarter. Schroder Investment Management Group now owns 1,006,175 shares of the information technology services provider’s stock valued at $91,401,000 after purchasing an additional 168,700 shares during the period. Finally, Royal Bank of Canada boosted its holdings in Globant by 293.5% in the first quarter. Royal Bank of Canada now owns 999,955 shares of the information technology services provider’s stock valued at $117,716,000 after acquiring an additional 745,848 shares during the last quarter. 91.60% of the stock is owned by institutional investors.

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.