Globant (NYSE:GLOB) Hits New 12-Month Low – Here’s What Happened

Globant S.A. (NYSE:GLOB) hit a new 52-week low during trading on Thursday . The company traded as low as $140.70 and last traded at $140.43, with a volume of 276244 shares changing hands. The stock had previously closed at $146.45.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GLOB. Canaccord Genuity Group reduced their target price on shares of Globant from $205.00 to $165.00 and set a “hold” rating for the company in a research report on Monday, February 24th. TD Cowen raised their price objective on shares of Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Scotiabank cut their price objective on shares of Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a research report on Monday, February 24th. UBS Group cut their price objective on shares of Globant from $217.00 to $190.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Finally, Needham & Company LLC cut their price objective on shares of Globant from $265.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $221.39.

Globant Price Performance

The company’s 50 day moving average price is $199.61 and its 200 day moving average price is $207.64. The firm has a market cap of $6.05 billion, a PE ratio of 37.72, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a net margin of 6.86% and a return on equity of 11.83%. The business had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. Sell-side analysts expect that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Globant in the fourth quarter worth approximately $18,828,000. Jefferies Financial Group Inc. lifted its stake in Globant by 5.6% in the fourth quarter. Jefferies Financial Group Inc. now owns 16,400 shares of the information technology services provider’s stock worth $3,516,000 after acquiring an additional 870 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Globant by 163.4% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,500 shares of the information technology services provider’s stock worth $26,266,000 after acquiring an additional 76,000 shares during the last quarter. Vident Advisory LLC purchased a new position in Globant in the fourth quarter worth approximately $235,000. Finally, Teza Capital Management LLC purchased a new position in Globant in the fourth quarter worth approximately $8,650,000. 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.