Globant (NYSE:GLOB) Price Target Lowered to $42.00 at Wells Fargo & Company

Globant (NYSE:GLOB) had its target price cut by Wells Fargo & Company from $50.00 to $42.00 in a report released on Friday morning, Marketbeat Ratings reports. They currently have an equal weight rating on the information technology services provider’s stock.

GLOB has been the subject of several other reports. William Blair downgraded Globant from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Susquehanna decreased their price objective on Globant from $90.00 to $78.00 and set a “positive” rating for the company in a research report on Friday, May 15th. Truist Financial lowered their target price on Globant from $54.00 to $44.00 and set a “hold” rating for the company in a research note on Friday, May 15th. Wedbush restated an “outperform” rating on shares of Globant in a report on Monday, May 18th. Finally, TD Cowen cut their price target on shares of Globant from $59.00 to $47.00 and set a “buy” rating on the stock in a research note on Thursday. Seven equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Globant presently has a consensus rating of “Hold” and an average target price of $58.18.

Globant Trading Down 4.3%

Shares of NYSE GLOB traded down $1.35 during midday trading on Friday, reaching $29.94. 1,379,807 shares of the stock were exchanged, compared to its average volume of 2,322,085. Globant has a 12 month low of $27.56 and a 12 month high of $94.35. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 12.17, a P/E/G ratio of 1.15 and a beta of 1.06. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.82 and a quick ratio of 1.82. The business has a 50-day simple moving average of $35.92 and a two-hundred day simple moving average of $47.97.

Globant (NYSE:GLOB) last released its quarterly earnings data on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, meeting analysts’ consensus estimates of $1.50. The business had revenue of $607.09 million during the quarter, compared to analysts’ expectations of $601.65 million. Globant had a net margin of 4.46% and a return on equity of 9.87%. The firm’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.50 EPS. As a group, equities research analysts expect that Globant will post 4.92 EPS for the current year.

Globant announced that its board has approved a stock buyback plan on Monday, May 18th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Globant

A number of hedge funds and other institutional investors have recently made changes to their positions in GLOB. Signaturefd LLC boosted its holdings in Globant by 65.1% during the fourth quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 190 shares during the last quarter. Allworth Financial LP increased its stake in Globant by 473.3% in the 4th quarter. Allworth Financial LP now owns 493 shares of the information technology services provider’s stock valued at $32,000 after buying an additional 407 shares during the last quarter. Larson Financial Group LLC increased its stake in Globant by 561.2% in the 4th quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock valued at $45,000 after buying an additional 578 shares during the last quarter. GAMMA Investing LLC lifted its position in Globant by 34.3% during the 4th quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock worth $47,000 after buying an additional 182 shares in the last quarter. Finally, MidFirst Bank bought a new stake in Globant during the 4th quarter worth about $47,000. 91.60% of the stock is currently owned by institutional investors and hedge funds.

About Globant

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.