Globant (NYSE:GLOB) Price Target Lowered to $80.00 at Needham & Company LLC

Globant (NYSE:GLOB) had its target price lowered by equities researchers at Needham & Company LLC from $85.00 to $80.00 in a research report issued to clients and investors on Friday, MarketBeat reports. The firm presently has a “buy” rating on the information technology services provider’s stock. Needham & Company LLC’s price objective points to a potential upside of 28.15% from the stock’s current price.

GLOB has been the topic of a number of other research reports. The Goldman Sachs Group reduced their price objective on Globant from $105.00 to $90.00 and set a “neutral” rating on the stock in a research note on Thursday, October 9th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globant in a report on Thursday, July 17th. They issued a “hold” rating and a $87.00 target price for the company. Citigroup raised shares of Globant to a “hold” rating in a research note on Thursday, October 23rd. UBS Group dropped their price objective on shares of Globant from $120.00 to $75.00 and set a “neutral” rating for the company in a research note on Wednesday, August 20th. Finally, JPMorgan Chase & Co. downgraded shares of Globant from an “overweight” rating to a “neutral” rating and set a $78.00 target price on the stock. in a report on Friday, August 15th. Seven research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $121.63.

Globant Price Performance

NYSE GLOB traded down $0.41 on Friday, reaching $62.43. The company had a trading volume of 1,142,101 shares, compared to its average volume of 1,241,108. The stock has a market capitalization of $2.75 billion, a PE ratio of 25.49, a price-to-earnings-growth ratio of 5.88 and a beta of 1.20. Globant has a 12 month low of $54.36 and a 12 month high of $235.08. The company has a quick ratio of 1.71, a current ratio of 1.71 and a debt-to-equity ratio of 0.19. The firm’s 50 day moving average price is $59.20 and its 200 day moving average price is $80.85.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Thursday, November 13th. The information technology services provider reported $1.53 earnings per share for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.02). Globant had a net margin of 4.44% and a return on equity of 10.76%. The firm had revenue of $617.14 million for the quarter, compared to analysts’ expectations of $615.32 million. During the same quarter in the previous year, the business earned $1.63 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. Globant has set its FY 2025 guidance at 6.120- EPS. Q4 2025 guidance at 1.530- EPS. As a group, equities analysts predict that Globant will post 5.73 earnings per share for the current year.

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

Institutional Investors Weigh In On Globant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLOB. Signaturefd LLC lifted its position in Globant by 29.7% during the 1st quarter. Signaturefd LLC now owns 389 shares of the information technology services provider’s stock worth $46,000 after acquiring an additional 89 shares during the period. Brooklyn Investment Group raised its stake in shares of Globant by 194.4% in the first quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 140 shares during the last quarter. CWM LLC raised its stake in shares of Globant by 30.1% in the second quarter. CWM LLC now owns 636 shares of the information technology services provider’s stock worth $58,000 after purchasing an additional 147 shares during the last quarter. Baker Avenue Asset Management LP lifted its holdings in shares of Globant by 2.0% during the second quarter. Baker Avenue Asset Management LP now owns 8,010 shares of the information technology services provider’s stock worth $728,000 after purchasing an additional 156 shares during the period. Finally, State of Wyoming boosted its holdings in shares of Globant by 53.1% in the 1st quarter. State of Wyoming now owns 493 shares of the information technology services provider’s stock valued at $58,000 after acquiring an additional 171 shares during the last quarter. Institutional investors own 91.60% of the company’s stock.

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.