Globant (NYSE:GLOB) Price Target Cut to $75.00 by Analysts at JPMorgan Chase & Co.

Globant (NYSE:GLOB) had its price objective cut by JPMorgan Chase & Co. from $78.00 to $75.00 in a report released on Friday morning,Benzinga reports. They currently have a neutral rating on the information technology services provider’s stock.

A number of other brokerages also recently issued reports on GLOB. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globant in a report on Thursday, July 17th. They set a “hold” rating and a $87.00 price target on the stock. UBS Group lowered their target price on shares of Globant from $120.00 to $75.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 20th. Needham & Company LLC cut their price target on Globant from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Friday. Citigroup raised Globant to a “hold” rating in a report on Thursday, October 23rd. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Globant in a research report on Wednesday, October 8th. Six investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Globant currently has an average rating of “Hold” and an average price target of $111.93.

Globant Stock Performance

GLOB stock traded down $1.79 during trading on Friday, hitting $61.05. 2,663,560 shares of the company traded hands, compared to its average volume of 1,365,791. The stock’s 50-day simple moving average is $59.16 and its 200 day simple moving average is $80.45. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.71 and a quick ratio of 1.71. The company has a market cap of $2.69 billion, a PE ratio of 27.63, a P/E/G ratio of 5.98 and a beta of 1.20. Globant has a 1 year low of $54.36 and a 1 year high of $235.08.

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

Globant declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 1st that permits the company to buyback $125.00 million in shares. This buyback authorization permits the information technology services provider to buy up to 5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Globant

Several large investors have recently made changes to their positions in the company. Voya Investment Management LLC grew its position in Globant by 49.0% in the first quarter. Voya Investment Management LLC now owns 462,422 shares of the information technology services provider’s stock worth $54,436,000 after acquiring an additional 152,152 shares during the period. Raymond James Financial Inc. raised its position in Globant by 17.1% in the first quarter. Raymond James Financial Inc. now owns 91,427 shares of the information technology services provider’s stock valued at $10,763,000 after purchasing an additional 13,369 shares during the period. Cetera Investment Advisers lifted its stake in shares of Globant by 23.7% in the 1st quarter. Cetera Investment Advisers now owns 24,926 shares of the information technology services provider’s stock valued at $2,934,000 after purchasing an additional 4,774 shares during the last quarter. Dalton Investments Inc. grew its holdings in shares of Globant by 58.6% during the 1st quarter. Dalton Investments Inc. now owns 31,654 shares of the information technology services provider’s stock worth $3,726,000 after purchasing an additional 11,700 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Globant by 31.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 25,029 shares of the information technology services provider’s stock worth $2,946,000 after purchasing an additional 5,967 shares during the last quarter. 91.60% of the stock is currently 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.