Globant (NYSE:GLOB) Shares Gap Down After Analyst Downgrade

Globant S.A. (NYSE:GLOB) gapped down before the market opened on Friday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $228.79, but opened at $211.50. Globant shares last traded at $209.59, with a volume of 106,354 shares changing hands.

GLOB has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft started coverage on Globant in a research note on Thursday, August 22nd. They set a “hold” rating and a $210.00 price target for the company. Canaccord Genuity Group lifted their target price on shares of Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. KeyCorp boosted their price target on shares of Globant from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, August 16th. Citigroup raised their price objective on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, Piper Sandler lowered their target price on shares of Globant from $240.00 to $237.00 and set an “overweight” rating on the stock in a report on Friday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $228.50.

Institutional Investors Weigh In On Globant

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP increased its stake in Globant by 529.6% in the second quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock valued at $30,000 after acquiring an additional 143 shares during the last quarter. Ridgewood Investments LLC bought a new position in shares of Globant during the 2nd quarter valued at about $31,000. BOKF NA raised its holdings in shares of Globant by 15,800.0% during the 1st quarter. BOKF NA now owns 159 shares of the information technology services provider’s stock valued at $32,000 after buying an additional 158 shares in the last quarter. ORG Partners LLC lifted its position in Globant by 65.5% in the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock worth $38,000 after buying an additional 76 shares during the last quarter. Finally, American National Bank & Trust lifted its position in Globant by 430.2% in the 3rd quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock worth $45,000 after buying an additional 185 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Globant Price Performance

The firm has a market cap of $8.76 billion, a PE ratio of 53.04, a price-to-earnings-growth ratio of 2.91 and a beta of 1.39. The company has a 50 day simple moving average of $208.98 and a 200-day simple moving average of $191.01.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The company had revenue of $587.46 million during the quarter, compared to analysts’ expectations of $586.72 million. Globant had a net margin of 7.39% and a return on equity of 11.68%. The firm’s revenue was up 18.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.04 EPS. On average, sell-side analysts predict that Globant S.A. will post 5.06 EPS for the current fiscal 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.