Globant (NYSE:GLOB) Price Target Cut to $70.00 by Analysts at Canaccord Genuity Group

Globant (NYSE:GLOB) had its target price reduced by Canaccord Genuity Group from $80.00 to $70.00 in a research report report published on Friday,Benzinga reports. They currently have a hold rating on the information technology services provider’s stock.

Several other research firms have also weighed in on GLOB. Scotiabank raised Globant from a “sector perform” rating to a “sector outperform” rating and set a $115.00 price objective for the company in a research note on Monday, July 21st. UBS Group dropped their price target on Globant from $120.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 20th. Weiss Ratings reiterated a “sell (d)” rating on shares of Globant in a report on Thursday. Citigroup raised shares of Globant to a “hold” rating in a research report on Thursday, October 23rd. Finally, Wells Fargo & Company upgraded shares of Globant to a “hold” rating in a research report on Wednesday, October 22nd. Six analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $111.93.

Globant Price Performance

Shares of NYSE:GLOB traded down $1.79 during trading hours on Friday, hitting $61.05. 2,663,560 shares of the company’s stock traded hands, compared to its average volume of 1,365,791. Globant has a 52 week low of $54.36 and a 52 week high of $235.08. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.71 and a current ratio of 1.71. The company’s fifty day simple moving average is $59.16 and its two-hundred day simple moving average is $80.45. The company has a market cap of $2.69 billion, a price-to-earnings ratio of 27.63, a price-to-earnings-growth ratio of 5.98 and a beta of 1.20.

Globant (NYSE:GLOB) last released its earnings results on Thursday, November 13th. The information technology services provider reported $1.53 EPS for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.02). The business had revenue of $617.14 million during the quarter, compared to the consensus estimate of $615.32 million. Globant had a return on equity of 10.55% and a net margin of 4.01%.The firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.63 earnings per share. Globant has set its FY 2025 guidance at 6.120- EPS. Q4 2025 guidance at 1.530- EPS. As a group, equities analysts anticipate that Globant will post 5.73 EPS for the current fiscal year.

Globant declared that its board has approved a stock repurchase plan on Wednesday, October 1st that authorizes the company to buyback $125.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Globant

Several institutional investors have recently made changes to their positions in GLOB. Brooklyn Investment Group raised its position in Globant by 194.4% during the first quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider’s stock valued at $25,000 after acquiring an additional 140 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Globant by 214.1% in the 2nd quarter. Allworth Financial LP now owns 289 shares of the information technology services provider’s stock valued at $26,000 after purchasing an additional 197 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in Globant by 352.0% in the third quarter. Geneos Wealth Management Inc. now owns 452 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC increased its position in Globant by 29.7% during the first quarter. Signaturefd LLC now owns 389 shares of the information technology services provider’s stock worth $46,000 after buying an additional 89 shares during the last quarter. Finally, SJS Investment Consulting Inc. raised its holdings in Globant by 27,766.7% during the third quarter. SJS Investment Consulting Inc. now owns 836 shares of the information technology services provider’s stock valued at $48,000 after buying an additional 833 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.