Globant (NYSE:GLOB) Hits New 52-Week Low – What’s Next?

Shares of Globant S.A. (NYSE:GLOB) hit a new 52-week low during trading on Thursday . The company traded as low as $114.00 and last traded at $118.10, with a volume of 708489 shares traded. The stock had previously closed at $115.98.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Piper Sandler cut their price target on Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. JPMorgan Chase & Co. lowered their price target on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Jefferies Financial Group increased their price target on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Tuesday, January 21st. Canaccord Genuity Group reduced their price objective 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 target price on shares of Globant in a research report on Wednesday, March 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $216.56.

Globant Stock Performance

The company has a 50-day moving average of $164.90 and a 200-day moving average of $197.37. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 2.38 and a beta of 1.47.

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

Hedge Funds Weigh In On Globant

A number of large investors have recently bought and sold shares of GLOB. Centricity Wealth Management LLC purchased a new position in Globant during the fourth quarter worth about $38,000. Kestra Investment Management LLC acquired a new position in Globant during the 4th quarter worth approximately $38,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Globant during the 3rd quarter worth approximately $40,000. Van Berkom & Associates Inc. acquired a new stake in shares of Globant in the 4th quarter valued at approximately $45,000. Finally, Promus Capital LLC purchased a new stake in shares of Globant in the fourth quarter valued at approximately $64,000. 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.