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

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

Several other analysts have also recently issued reports on GLOB. Scotiabank cut their price objective on Globant from $260.00 to $230.00 and set a sector outperform rating on the stock in a research note on Monday. Guggenheim started coverage on Globant in a research note on Tuesday, March 19th. They set a buy rating and a $250.00 price objective on the stock. UBS Group boosted their target price on shares of Globant from $230.00 to $240.00 and gave the company a neutral rating in a research note on Monday, February 26th. Canaccord Genuity Group restated a hold rating and issued a $230.00 price target on shares of Globant in a research report on Tuesday, February 20th. Finally, Mizuho reaffirmed a buy rating and issued a $279.00 price target (down from $283.00) on shares of Globant in a report on Tuesday, February 20th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $244.35.

Globant Stock Up 3.4 %

Shares of Globant stock traded up $6.02 on Thursday, hitting $185.60. 503,180 shares of the company’s stock traded hands, compared to its average volume of 444,686. Globant has a 52-week low of $135.40 and a 52-week high of $251.50. The stock has a market cap of $8.00 billion, a P/E ratio of 51.13, a PEG ratio of 1.34 and a beta of 1.35. The firm’s 50-day moving average is $200.74 and its 200 day moving average is $211.61.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, February 15th. The information technology services provider reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.34 by ($0.08). The company had revenue of $580.71 million during the quarter, compared to analyst estimates of $579.70 million. Globant had a net margin of 7.56% and a return on equity of 11.38%. Equities research analysts forecast that Globant will post 5.03 EPS for the current year.

Institutional Investors Weigh In On Globant

A number of institutional investors have recently added to or reduced their stakes in GLOB. CI Investments Inc. boosted its position in shares of Globant by 122.0% during the 3rd quarter. CI Investments Inc. now owns 131 shares of the information technology services provider’s stock valued at $26,000 after purchasing an additional 72 shares in the last quarter. Accent Capital Management LLC bought a new stake in Globant during the fourth quarter worth approximately $29,000. RiverPark Advisors LLC acquired a new position in Globant in the first quarter worth approximately $54,000. Principal Securities Inc. bought a new position in shares of Globant in the fourth quarter valued at $56,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Globant during the 4th quarter valued at $68,000. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.