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

Globant (NYSE:GLOB) had its price target reduced by JPMorgan Chase & Co. from $273.00 to $257.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the information technology services provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 42.98% from the stock’s current price.

Several other equities analysts have also weighed in on GLOB. Scotiabank reduced their price objective on shares of Globant from $260.00 to $230.00 and set a “sector outperform” rating for the company in a research report on Monday. Canaccord Genuity Group reiterated a “hold” rating and issued a $230.00 target price on shares of Globant in a report on Tuesday, February 20th. Needham & Company LLC raised their target price on shares of Globant from $215.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, January 26th. Wedbush reiterated an “outperform” rating and issued a $250.00 target price on shares of Globant in a report on Friday, February 16th. Finally, UBS Group raised their target price on shares of Globant from $230.00 to $240.00 and gave the stock a “neutral” rating in a report on Monday, February 26th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $244.35.

Globant Stock Performance

Shares of NYSE:GLOB traded up $1.82 during trading hours on Thursday, hitting $179.75. 114,343 shares of the company’s stock traded hands, compared to its average volume of 440,527. Globant has a 52 week low of $135.40 and a 52 week high of $251.50. The company’s fifty day simple moving average is $201.68 and its two-hundred day simple moving average is $211.83. The company has a market cap of $7.75 billion, a price-to-earnings ratio of 49.53, a price-to-earnings-growth ratio of 1.35 and a beta of 1.35.

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

Hedge Funds Weigh In On Globant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLOB. CI Investments Inc. raised its position in Globant by 122.0% during the third quarter. CI Investments Inc. now owns 131 shares of the information technology services provider’s stock valued at $26,000 after acquiring an additional 72 shares in the last quarter. Accent Capital Management LLC bought a new position in Globant during the fourth quarter valued at approximately $29,000. Principal Securities Inc. bought a new position in Globant during the fourth quarter valued at approximately $56,000. GAMMA Investing LLC bought a new position in Globant during the fourth quarter valued at approximately $68,000. Finally, CWM LLC raised its position in Globant by 13.5% during the fourth quarter. CWM LLC now owns 572 shares of the information technology services provider’s stock valued at $136,000 after acquiring an additional 68 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.

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.