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

Globant (NYSE:GLOB) had its target price trimmed by JPMorgan Chase & Co. from $273.00 to $257.00 in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has an overweight rating on the information technology services provider’s stock.

A number of other brokerages have also issued reports on GLOB. Piper Sandler upped their target price on shares of Globant from $257.00 to $290.00 and gave the company an overweight rating in a research note on Friday, February 16th. Scotiabank lowered their target price on Globant from $260.00 to $230.00 and set a sector outperform rating for the company in a report on Monday, April 29th. KeyCorp raised their price target on Globant from $266.00 to $272.00 and gave the stock an overweight rating in a report on Friday, February 16th. 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, HSBC cut their target price on Globant from $275.00 to $270.00 and set a buy rating on the stock in a research note on Wednesday, April 3rd. Six research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $244.35.

Globant Stock Up 3.3 %

Shares of NYSE:GLOB traded up $5.97 during trading on Thursday, reaching $185.55. The stock had a trading volume of 503,189 shares, compared to its average volume of 340,137. The stock has a market cap of $8.00 billion, a P/E ratio of 51.12, a PEG ratio of 1.40 and a beta of 1.35. The business has a fifty day moving average price of $199.92 and a 200-day moving average price of $211.63. Globant has a fifty-two week low of $135.40 and a fifty-two week high of $251.50.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, February 15th. The information technology services provider reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.34 by ($0.08). The business had revenue of $580.71 million during the quarter, compared to analysts’ expectations of $579.70 million. Globant had a net margin of 7.56% and a return on equity of 11.38%. As a group, equities analysts forecast that Globant will post 5.03 EPS for the current year.

Institutional Trading of Globant

Large investors have recently added to or reduced their stakes in the business. Trust Point Inc. bought a new stake in shares of Globant during the 4th quarter worth $1,741,000. DekaBank Deutsche Girozentrale increased its stake in Globant by 146.4% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 45,190 shares of the information technology services provider’s stock worth $10,734,000 after purchasing an additional 26,850 shares in the last quarter. New York Life Investment Management LLC raised its holdings in Globant by 112.6% during the 3rd quarter. New York Life Investment Management LLC now owns 4,411 shares of the information technology services provider’s stock worth $873,000 after buying an additional 2,336 shares during the period. Deutsche Bank AG lifted its stake in Globant by 1.2% during the third quarter. Deutsche Bank AG now owns 138,062 shares of the information technology services provider’s stock valued at $27,316,000 after buying an additional 1,584 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in shares of Globant in the fourth quarter worth about $4,587,000. 91.60% of the stock is currently 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.