Globant Analysts Cut Their Forecasts After Q1 Results

Globant S.A. GLOB posted mixed results for its first quarter on Thursday.

Globant posted adjusted loss of $1.02 per share, missing market estimates of $1.53 per share. The company's quarterly sales came in at $571.08 million versus expectations of $570.79 million, according to data from Benzinga Pro.

“As an industry leader, Globant is confident in its resilience and growth plans as we provide guidance for a strong 2024. Our clear strategy, unique value proposition and authentic partnerships are the foundation of our differentiated offering. With a focus on innovative technology, our studio networks are poised to deliver mid-teen top-line growth in 2024. We continue to reinvent the industry, creating attractive products that touch the lives of millions and drive the digital economy of tomorrow,” said Martín Migoya, Globant’s CEO and co-founder. “Our global presence, AI expertise, industry specialization and geographic scale enable us for success as we drive loyalty through seamless and satisfying customer experiences.”

Globant shares fell 0.3% to close at $177.73 on Thursday.

These analysts made changes to their price targets on Globant after the company reported quarterly results.

• Piper Sandler cut the price target on Globant from $290 to $238. Piper Sandler analyst Arvind Ramnani reiterated an Overweight rating.
• Keybanc lowered Globant price target from $272 to $220. Keybanc analyst Thomas Blakey maintained an Overweight rating.
• Needham slashed the price target on Globant from $275 to $200. Needham analyst Mayank Tandon maintained a Buy rating.

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