Globant (NYSE:GLOB) Sets New 52-Week Low After Analyst Downgrade

Globant S.A. (NYSE:GLOB)’s share price hit a new 52-week low during mid-day trading 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 changing hands. The stock had previously closed at $210.17.

GLOB has been the subject of several other reports. Scotiabank raised their target price on shares of Globant from $210.00 to $220.00 and gave the stock a “sector perform” rating in a research report on Tuesday, November 19th. Piper Sandler dropped their target price on shares of Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a research report on Friday. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $205.00 target price on shares of Globant in a research report on Monday, November 18th. UBS Group dropped their target price on shares of Globant from $222.00 to $217.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Finally, StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a research report on Sunday, November 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Globant has an average rating of “Moderate Buy” and a consensus target price of $227.06.

Hedge Funds Weigh In On Globant

Hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. increased its holdings in Globant by 1,817.5% in the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock worth $299,162,000 after buying an additional 1,431,112 shares during the period. GQG Partners LLC purchased a new stake in Globant in the 4th quarter worth approximately $84,906,000. Canada Pension Plan Investment Board purchased a new stake in Globant in the 4th quarter worth approximately $60,913,000. JPMorgan Chase & Co. boosted its position 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 purchasing an additional 203,472 shares in the last quarter. Finally, Capital International Investors boosted its position 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 worth $364,723,000 after purchasing an additional 197,064 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Trading Down 27.7 %

The company has a 50-day simple moving average of $214.07 and a 200 day simple moving average of $210.79. The firm has a market cap of $6.55 billion, a PE ratio of 40.86, a price-to-earnings-growth ratio of 2.38 and a beta of 1.39.

Globant (NYSE:GLOB) last announced its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) 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 for the quarter, compared to analysts’ expectations of $644.42 million. On average, equities analysts expect 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.