Globant (NYSE:GLOB) Price Target Cut to $68.00 by Analysts at JPMorgan Chase & Co.

Globant (NYSE:GLOB) had its target price dropped by research analysts at JPMorgan Chase & Co. from $75.00 to $68.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 38.04% from the stock’s current price.

Several other equities research analysts also recently commented on GLOB. Canaccord Genuity Group cut their target price on shares of Globant from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Friday, November 14th. William Blair reiterated an “outperform” rating on shares of Globant in a research report on Wednesday, December 31st. Weiss Ratings restated a “sell (d+)” rating on shares of Globant in a research note on Monday, December 29th. Wells Fargo & Company upped their price objective on Globant from $61.00 to $68.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 14th. Finally, Jefferies Financial Group downgraded shares of Globant from a “buy” rating to a “hold” rating and reduced their target price for the stock from $80.00 to $61.00 in a research note on Thursday, November 20th. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $97.31.

Globant Price Performance

GLOB stock traded up $0.80 during mid-day trading on Wednesday, hitting $49.26. The stock had a trading volume of 171,580 shares, compared to its average volume of 1,378,121. The firm has a fifty day simple moving average of $64.84 and a 200 day simple moving average of $63.82. The firm has a market capitalization of $2.17 billion, a P/E ratio of 22.32, a P/E/G ratio of 5.41 and a beta of 1.19. Globant has a 52 week low of $47.61 and a 52 week high of $223.25. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.16.

Institutional Trading of Globant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLOB. Allworth Financial LP grew its position in shares of Globant by 214.1% during the second quarter. Allworth Financial LP now owns 289 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 197 shares in the last quarter. Geneos Wealth Management Inc. boosted its stake in Globant by 352.0% during the third quarter. Geneos Wealth Management Inc. now owns 452 shares of the information technology services provider’s stock worth $26,000 after buying an additional 352 shares during the period. Signaturefd LLC boosted its stake in shares of Globant by 65.1% during the 4th quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 190 shares during the period. CWM LLC boosted its position in shares of Globant by 30.1% during the second quarter. CWM LLC now owns 636 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 147 shares during the period. Finally, Larson Financial Group LLC grew its position in Globant by 561.2% in the 4th quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock valued at $45,000 after acquiring an additional 578 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Globant Company Profile

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.