Globant (NYSE:GLOB) Reaches New 52-Week Low – Time to Sell?

Globant S.A. (NYSE:GLOB) shares reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $114.00 and last traded at $118.10, with a volume of 708489 shares changing hands. The stock had previously closed at $115.98.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GLOB shares. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price objective on shares of Globant in a research report on Wednesday, March 12th. Jefferies Financial Group upped their price target on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Piper Sandler lowered 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. Canaccord Genuity Group reduced their target price on shares of Globant from $205.00 to $165.00 and set a “hold” rating for the company in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $219.71.

Globant Stock Up 1.8 %

The stock has a market cap of $5.20 billion, a P/E ratio of 31.75, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47. The firm has a 50 day simple moving average of $169.03 and a 200-day simple moving average of $198.69.

Globant (NYSE:GLOB) last announced 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 for the quarter, compared to analyst estimates of $644.42 million. On average, equities analysts anticipate that Globant S.A. will post 5.73 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Raymond James Financial Inc. acquired a new position in shares of Globant in the fourth quarter valued at approximately $16,737,000. Cullen Frost Bankers Inc. grew its holdings in Globant by 5.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 52,934 shares of the information technology services provider’s stock valued at $11,350,000 after buying an additional 2,505 shares in the last quarter. NS Partners Ltd bought a new position in Globant during the 4th quarter worth $18,933,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Globant by 18.6% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 53,816 shares of the information technology services provider’s stock worth $10,663,000 after buying an additional 8,427 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Globant by 8.6% during the fourth 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. 91.60% of the stock is owned by institutional investors.

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.