Globant (NYSE:GLOB) Cut to “Sell” at StockNews.com

StockNews.com lowered shares of Globant (NYSE:GLOB) from a hold rating to a sell rating in a research report report published on Tuesday.

GLOB has been the topic of a number of other reports. Canaccord Genuity Group cut their target price on shares of Globant from $230.00 to $175.00 and set a hold rating on the stock in a research note on Friday, May 17th. Needham & Company LLC restated a buy rating and issued a $200.00 price objective on shares of Globant in a report on Thursday, June 13th. KeyCorp decreased their price objective on shares of Globant from $272.00 to $220.00 and set an overweight rating for the company in a research report on Friday, May 17th. TD Cowen dropped their target price on Globant from $235.00 to $220.00 and set a buy rating on the stock in a report on Friday, May 17th. Finally, UBS Group raised Globant from a neutral rating to a buy rating and decreased their price target for the stock from $240.00 to $230.00 in a report on Tuesday, May 28th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $217.28.

Globant Stock Up 1.8 %

Shares of GLOB stock opened at $194.68 on Tuesday. Globant has a 52 week low of $151.68 and a 52 week high of $251.50. The firm has a 50 day moving average of $180.73 and a two-hundred day moving average of $193.18. The stock has a market capitalization of $8.39 billion, a PE ratio of 51.10, a P/E/G ratio of 1.98 and a beta of 1.41.

Globant (NYSE:GLOB) last released its earnings results on Thursday, May 16th. The information technology services provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.18 by $0.01. Globant had a return on equity of 11.60% and a net margin of 7.62%. The firm had revenue of $571.08 million during the quarter, compared to analyst estimates of $570.72 million. Analysts expect that Globant will post 5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Globant during the 4th quarter worth approximately $490,000. Seven Eight Capital LP acquired a new stake in Globant in the first quarter valued at $2,138,000. Vanguard Group Inc. boosted its position in shares of Globant by 7.9% during the 1st quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock worth $22,681,000 after purchasing an additional 8,267 shares in the last quarter. Cetera Investment Advisers grew its stake in shares of Globant by 1,079.8% during the 1st quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock worth $4,066,000 after purchasing an additional 18,433 shares during the period. Finally, Franklin Resources Inc. grew its stake in shares of Globant by 0.9% during the 4th quarter. Franklin Resources Inc. now owns 12,672 shares of the information technology services provider’s stock worth $3,016,000 after purchasing an additional 111 shares during the period. 91.60% of the stock is owned by hedge funds and other institutional investors.

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.