Globant (NYSE:GLOB) Sets New 1-Year Low After Analyst Downgrade

Globant S.A. (NYSE:GLOB)’s stock price reached 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 trading hands. The stock had previously closed at $210.17.

GLOB has been the subject of a number of other research reports. UBS Group dropped their price target on Globant from $222.00 to $217.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. 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. Scotiabank boosted their price target on shares of Globant from $210.00 to $220.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. Jefferies Financial Group raised their price objective on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Finally, Susquehanna started coverage on shares of Globant in a research report on Tuesday, December 17th. They issued a “positive” rating and a $255.00 target price for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have issued 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 $227.06.

Institutional Trading of Globant

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Globant by 163.4% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,500 shares of the information technology services provider’s stock worth $26,266,000 after buying an additional 76,000 shares during the period. Vident Advisory LLC purchased a new stake in Globant during the 4th quarter valued at $235,000. Teza Capital Management LLC bought a new stake in Globant in the 4th quarter worth $8,650,000. Royal Bank of Canada increased its position in shares of Globant by 15.4% in the fourth quarter. Royal Bank of Canada now owns 254,107 shares of the information technology services provider’s stock valued at $54,486,000 after acquiring an additional 33,921 shares during the period. Finally, Raiffeisen Bank International AG purchased a new position in shares of Globant in the fourth quarter valued at about $171,000. Institutional investors own 91.60% of the company’s stock.

Globant Stock Down 27.7 %

The company has a market capitalization of $6.55 billion, a PE ratio of 40.86, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39. The stock’s fifty day moving average price is $214.07 and its two-hundred day moving average price is $210.61.

Globant (NYSE:GLOB) last released its quarterly earnings data 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). Globant had a return on equity of 11.83% and a net margin of 6.86%. The business had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. On average, equities research analysts forecast that Globant S.A. will post 5.73 EPS for the current year.

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.