Globant (NYSE:GLOB) Reaches New 52-Week Low – What’s Next?

Globant S.A. (NYSE:GLOB)’s stock price reached a new 52-week low 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.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GLOB. UBS Group lowered their target price on Globant from $217.00 to $190.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. JPMorgan Chase & Co. decreased their price target on shares of Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Piper Sandler lowered their price objective on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price target on shares of Globant in a research report on Wednesday, March 12th. Finally, Canaccord Genuity Group reduced their price target on Globant from $205.00 to $165.00 and set a “hold” rating for the company in a report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $219.71.

Globant Stock Performance

The company has a 50 day moving average of $174.61 and a 200 day moving average of $200.39. The stock has a market capitalization of $5.22 billion, a price-to-earnings ratio of 31.85, a P/E/G ratio of 2.38 and a beta of 1.47.

Globant (NYSE:GLOB) last posted 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). Globant had a net margin of 6.86% and a return on equity of 11.83%. The firm had revenue of $642.48 million during the quarter, compared to analysts’ expectations of $644.42 million. On average, equities analysts predict that Globant S.A. will post 5.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Globant

A number of hedge funds have recently added to or reduced their stakes in GLOB. Centricity Wealth Management LLC purchased a new stake in Globant in the 4th quarter valued at approximately $38,000. Kestra Investment Management LLC acquired a new position in shares of Globant during the fourth quarter worth $38,000. Wilmington Savings Fund Society FSB purchased a new stake in Globant during the 3rd quarter worth approximately $40,000. Van Berkom & Associates Inc. acquired a new stake in shares of Globant in the 4th quarter valued at about $45,000. Finally, Promus Capital LLC acquired a new stake in shares of Globant during the 4th quarter valued at approximately $64,000. Institutional investors and hedge funds 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.