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

Shares of Globant S.A. (NYSE:GLOB) reached a new 52-week low on Thursday . The company traded as low as $140.70 and last traded at $140.43, with a volume of 276244 shares. The stock had previously closed at $146.45.

Analysts Set New Price Targets

A number of research firms have weighed in on GLOB. StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a report on Sunday, November 24th. Piper Sandler cut their price objective on shares of Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Scotiabank cut their price objective on shares of Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a report on Monday, February 24th. Susquehanna started coverage on shares of Globant in a report on Tuesday, December 17th. They set a “positive” rating and a $255.00 price objective on the stock. Finally, JPMorgan Chase & Co. cut their target price on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and an average target price of $221.39.

Globant Trading Down 0.3 %

The company has a market capitalization of $6.05 billion, a price-to-earnings ratio of 37.72, a PEG ratio of 2.38 and a beta of 1.39. The firm’s 50 day simple moving average is $199.61 and its 200-day simple moving average is $207.64.

Globant (NYSE:GLOB) last announced its quarterly earnings data 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). The firm 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, sell-side analysts forecast that Globant S.A. will post 5.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Globant

Several institutional investors have recently made changes to their positions in the stock. Wasatch Advisors LP boosted its position in shares of Globant by 2.6% during the 3rd quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock worth $689,553,000 after purchasing an additional 88,829 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Globant by 8.6% in the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock worth $551,506,000 after buying an additional 203,472 shares in the last quarter. Capital International Investors boosted its position in shares of Globant by 13.1% in the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock worth $364,723,000 after buying an additional 197,064 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Globant by 6.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider’s stock worth $344,382,000 after buying an additional 96,257 shares in the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Globant by 0.6% in the 4th quarter. Jennison Associates LLC now owns 802,547 shares of the information technology services provider’s stock worth $172,082,000 after buying an additional 4,970 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

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.