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 on Friday . The company traded as low as $147.62 and last traded at $148.14, with a volume of 817710 shares changing hands. The stock had previously closed at $152.83.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Piper Sandler reduced their price objective on shares of Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a report on Friday, February 21st. StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a report on Sunday, November 24th. Canaccord Genuity Group cut their price objective on Globant from $205.00 to $165.00 and set a “hold” rating for the company in a report on Monday. Redburn Atlantic upgraded shares of Globant from a “sell” rating to a “neutral” rating and boosted their target price for the company from $140.00 to $150.00 in a research note on Tuesday. Finally, Scotiabank dropped their target price on shares of Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a research report on Monday. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $221.39.

Globant Price Performance

The company has a market capitalization of $6.48 billion, a price-to-earnings ratio of 40.40, a PEG ratio of 2.38 and a beta of 1.39. The company’s 50-day moving average price is $208.60 and its two-hundred day moving average price is $209.71.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate 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 analyst estimates of $644.42 million. On average, equities research analysts expect that Globant S.A. will post 5.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of GLOB. Creative Planning lifted its holdings in Globant by 20.5% during the third quarter. Creative Planning now owns 2,062 shares of the information technology services provider’s stock worth $409,000 after acquiring an additional 351 shares during the period. Stephens Inc. AR raised its stake in shares of Globant by 10.0% during the 3rd quarter. Stephens Inc. AR now owns 2,539 shares of the information technology services provider’s stock worth $503,000 after purchasing an additional 230 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Globant by 62.4% in the 3rd quarter. Van ECK Associates Corp now owns 398 shares of the information technology services provider’s stock worth $86,000 after buying an additional 153 shares during the last quarter. Impax Asset Management Group plc grew its position in Globant by 26.1% during the third quarter. Impax Asset Management Group plc now owns 8,269 shares of the information technology services provider’s stock valued at $1,638,000 after buying an additional 1,711 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Globant by 121.3% during the third quarter. Principal Financial Group Inc. now owns 30,351 shares of the information technology services provider’s stock worth $6,014,000 after buying an additional 16,639 shares during the last quarter. Hedge funds and other institutional investors 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.