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

Globant S.A. (NYSE:GLOB) shares reached a new 52-week low 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 analysts have also commented on GLOB. Needham & Company LLC decreased their price objective on Globant from $265.00 to $220.00 and set a “buy” rating for the company in a report on Friday. Piper Sandler decreased their price target on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a report on Friday. Jefferies Financial Group increased their price target on Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. Scotiabank lifted their price objective on shares of Globant from $210.00 to $220.00 and gave the stock a “sector perform” rating in a report on Tuesday, November 19th. Finally, StockNews.com upgraded shares of Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $227.06.

Hedge Funds Weigh In On Globant

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

Globant Price Performance

The firm’s 50 day moving average price is $214.07 and its two-hundred day moving average price is $210.61. The stock has a market cap of $6.55 billion, a PE ratio of 40.86, a P/E/G ratio of 2.38 and a beta of 1.39.

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 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 business had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. Analysts anticipate that Globant S.A. will post 5.73 earnings per share 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.