Globant (NYSE:GLOB) Reaches New 52-Week Low – Time to Sell?

Globant S.A. (NYSE:GLOB)’s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $147.62 and last traded at $148.14, with a volume of 817710 shares. The stock had previously closed at $152.83.

Analysts Set New Price Targets

GLOB has been the subject of several recent analyst reports. StockNews.com upgraded shares of Globant from a “sell” rating to a “hold” rating in a research report on Sunday, November 24th. Redburn Atlantic upgraded shares of Globant from a “sell” rating to a “neutral” rating and upped their price target for the company from $140.00 to $150.00 in a research report on Tuesday. Needham & Company LLC reduced their price target 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. Canaccord Genuity Group dropped their price objective on shares of Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research note on Monday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $221.39.

Globant Stock Performance

The firm’s 50-day moving average is $208.60 and its 200 day moving average is $209.71. The firm has a market capitalization of $6.48 billion, a PE ratio of 40.40, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39.

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). The firm had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. As a group, equities analysts anticipate that Globant S.A. will post 5.73 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Victory Capital Management Inc. increased its position in Globant by 1,817.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock worth $299,162,000 after purchasing an additional 1,431,112 shares in the last quarter. GQG Partners LLC acquired a new stake in shares of Globant during the fourth quarter worth approximately $84,906,000. Canada Pension Plan Investment Board acquired a new stake in shares of Globant during the fourth quarter worth approximately $60,913,000. JPMorgan Chase & Co. grew its position in shares of Globant by 8.6% during the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock worth $551,506,000 after buying an additional 203,472 shares in the last quarter. Finally, Capital International Investors grew its position in shares of Globant by 13.1% during the fourth 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. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

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.