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

Globant S.A. (NYSE:GLOB) hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $129.19 and last traded at $129.99, with a volume of 398741 shares changing hands. The stock had previously closed at $132.35.

Analyst Ratings Changes

GLOB has been the topic of several research analyst reports. UBS Group dropped their target price on shares of Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. TD Cowen lifted their target price on shares of Globant from $230.00 to $240.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price target on shares of Globant in a research note on Wednesday. Redburn Atlantic raised shares of Globant from a “sell” rating to a “neutral” rating and raised their price target for the stock from $140.00 to $150.00 in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group raised their price target on shares of Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Six investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Globant has a consensus rating of “Moderate Buy” and a consensus target price of $221.39.

Globant Stock Performance

The firm has a market capitalization of $5.92 billion, a PE ratio of 36.14, a P/E/G ratio of 2.38 and a beta of 1.47. The business’s 50 day moving average price is $191.29 and its 200-day moving average price is $205.20.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in GLOB. Principal Financial Group Inc. boosted its holdings in shares of Globant by 121.3% in the 3rd quarter. Principal Financial Group Inc. now owns 30,351 shares of the information technology services provider’s stock valued at $6,014,000 after buying an additional 16,639 shares in the last quarter. Zions Bancorporation N.A. raised its position in Globant by 18.0% during the 3rd quarter. Zions Bancorporation N.A. now owns 6,334 shares of the information technology services provider’s stock worth $1,255,000 after buying an additional 965 shares during the last quarter. Impax Asset Management Group plc raised its position in Globant by 26.1% during the 3rd quarter. Impax Asset Management Group plc now owns 8,269 shares of the information technology services provider’s stock worth $1,638,000 after buying an additional 1,711 shares during the last quarter. Natixis Advisors LLC raised its position in Globant by 30.4% during the 3rd quarter. Natixis Advisors LLC now owns 13,468 shares of the information technology services provider’s stock worth $2,669,000 after buying an additional 3,142 shares during the last quarter. Finally, TrinityPoint Wealth LLC acquired a new position in shares of Globant during the 3rd quarter worth $208,000. 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.