Globant (NYSE:GLOB) Sets New 52-Week Low After Analyst Downgrade

Globant S.A. (NYSE:GLOB)’s stock price hit a new 52-week low during mid-day trading on Saturday after JPMorgan Chase & Co. lowered their price target on the stock from $248.00 to $242.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Globant traded as low as $151.38 and last traded at $152.02, with a volume of 5368389 shares traded. The stock had previously closed at $210.17.

A number of other brokerages have also issued reports on GLOB. Susquehanna assumed coverage on shares of Globant in a research note on Tuesday, December 17th. They set a “positive” rating and a $255.00 price target on the stock. Citigroup boosted their price target on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. Piper Sandler cut their price target on shares of Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday. Needham & Company LLC lowered their price objective on Globant from $265.00 to $220.00 and set a “buy” rating for the company in a research report on Friday. Finally, StockNews.com raised Globant from a “sell” rating to a “hold” rating in a research report on Sunday, November 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $227.06.

Institutional Investors Weigh In On Globant

A number of large investors have recently bought and sold shares of the business. Centricity Wealth Management LLC acquired a new position in shares of Globant in the 4th quarter valued at $38,000. Kestra Investment Management LLC bought a new position in shares of Globant in the 4th quarter valued at about $38,000. Wilmington Savings Fund Society FSB bought a new position in shares of Globant in the 3rd quarter valued at about $40,000. Van Berkom & Associates Inc. bought a new position in shares of Globant in the 4th quarter valued at about $45,000. Finally, Signaturefd LLC grew its holdings in Globant by 46.0% during the third quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock worth $58,000 after purchasing an additional 92 shares during the period. 91.60% of the stock is currently owned by institutional investors.

Globant Stock Down 27.7 %

The business has a fifty day moving average of $214.07 and a 200 day moving average of $210.79. The firm has a market cap of $6.55 billion, a P/E ratio of 40.86, a PEG 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 for the quarter, missing the consensus estimate of $1.75 by ($0.39). The business had revenue of $642.48 million for the quarter, compared to the consensus estimate of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. Research analysts expect that Globant S.A. will post 5.73 EPS for the current year.

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.