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

Globant (NYSE:GLOB) had its target price cut by stock analysts at 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 target indicates a potential upside of 42.98% from the company’s current price.

Several other research analysts also recently weighed in on the stock. Wedbush restated an “outperform” rating and set a $250.00 price target on shares of Globant in a research report on Friday, February 16th. Citigroup cut their price objective on shares of Globant from $275.00 to $235.00 and set a “buy” rating for the company in a report on Monday, April 22nd. Canaccord Genuity Group reiterated a “hold” rating and issued a $230.00 price objective on shares of Globant in a report on Tuesday, February 20th. Mizuho reiterated a “buy” rating and issued a $279.00 price objective (down previously from $283.00) on shares of Globant in a report on Tuesday, February 20th. Finally, Guggenheim began coverage on shares of Globant in a report on Tuesday, March 19th. They issued a “buy” rating and a $250.00 price objective for the company. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $244.35.

Globant Stock Performance

Shares of GLOB traded up $1.82 during mid-day trading on Thursday, hitting $179.75. 114,343 shares of the company were exchanged, compared to its average volume of 440,527. Globant has a 1-year low of $135.40 and a 1-year high of $251.50. The company has a 50 day moving average of $201.68 and a 200-day moving average of $211.83. The stock 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 released its quarterly earnings results 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 return on equity of 11.38% and a net margin of 7.56%. The company had revenue of $580.71 million for the quarter, compared to analyst estimates of $579.70 million. Research analysts anticipate that Globant will post 5.03 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Globant

A number of hedge funds have recently made changes to their positions in GLOB. Accent Capital Management LLC purchased a new position in Globant in the 4th quarter valued at approximately $29,000. CI Investments Inc. boosted its position in Globant by 122.0% in the 3rd quarter. CI Investments Inc. now owns 131 shares of the information technology services provider’s stock valued at $26,000 after buying an additional 72 shares during the period. Principal Securities Inc. purchased a new position in Globant in the 4th quarter valued at approximately $56,000. GAMMA Investing LLC purchased a new position in Globant in the 4th quarter valued at approximately $68,000. Finally, CWM LLC boosted its position in Globant by 13.5% in the 4th quarter. CWM LLC now owns 572 shares of the information technology services provider’s stock valued at $136,000 after buying an additional 68 shares during the period. Hedge funds and other 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.