Globant (NYSE:GLOB) Hits New 12-Month Low – Time to Sell?

Shares of Globant S.A. (NYSE:GLOB) hit a new 52-week low during trading on Friday . The company traded as low as $120.17 and last traded at $120.79, with a volume of 175811 shares traded. The stock had previously closed at $126.40.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Piper Sandler dropped their price objective on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Susquehanna assumed coverage on shares of Globant in a report on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price objective on the stock. Jefferies Financial Group lifted their target price on shares of Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. StockNews.com cut shares of Globant from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Scotiabank decreased their price objective on Globant from $220.00 to $170.00 and set a “sector perform” rating for the company in a research note on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $219.71.

Globant Stock Performance

The firm’s fifty day simple moving average is $174.61 and its 200-day simple moving average is $200.39. The stock has a market cap of $5.22 billion, a P/E ratio of 31.85, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). The company had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. Analysts predict that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Institutional Trading of Globant

Several institutional investors have recently made changes to their positions in the company. Wasatch Advisors LP increased its holdings in Globant by 2.6% during the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock worth $689,553,000 after buying an additional 88,829 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in 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 during the period. Capital International Investors grew its stake in 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 valued at $364,723,000 after buying an additional 197,064 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Globant by 6.4% during the 4th quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider’s stock valued at $344,382,000 after purchasing an additional 96,257 shares during the period. Finally, Jennison Associates LLC increased its position in shares of Globant by 0.6% during the fourth quarter. Jennison Associates LLC now owns 802,547 shares of the information technology services provider’s stock valued at $172,082,000 after buying an additional 4,970 shares during the period. 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.