Globant (NYSE:GLOB) Sets New 52-Week Low – Here’s What Happened

Globant S.A. (NYSE:GLOB) shares hit a new 52-week low during trading on Friday . The stock traded as low as $120.17 and last traded at $120.79, with a volume of 175811 shares traded. The stock had previously closed at $126.40.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on GLOB shares. Scotiabank dropped their price objective on Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a report on Monday, February 24th. Piper Sandler lowered their target price on shares of Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. JPMorgan Chase & Co. reduced their price target on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. UBS Group lowered their price objective on Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. Finally, Jefferies Financial Group upped their target price on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $219.71.

Globant Stock Down 6.1 %

The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 31.85, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47. The stock’s 50-day simple moving average is $176.51 and its 200 day simple moving average is $200.93.

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

Institutional Investors Weigh In On Globant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wasatch Advisors LP lifted its position in shares of Globant by 2.6% during the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock worth $689,553,000 after purchasing an additional 88,829 shares in the last quarter. JPMorgan Chase & Co. raised its position in Globant by 8.6% in the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock worth $551,506,000 after purchasing an additional 203,472 shares during the last quarter. Capital International Investors lifted its holdings in Globant by 13.1% during the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock worth $364,723,000 after buying an additional 197,064 shares in the last quarter. Victory Capital Management Inc. boosted its position in Globant by 6.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider’s stock valued at $344,382,000 after buying an additional 96,257 shares during the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Globant by 0.6% in the 4th quarter. Jennison Associates LLC now owns 802,547 shares of the information technology services provider’s stock valued at $172,082,000 after buying an additional 4,970 shares during the period. Institutional investors and hedge funds 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.