Globant (NYSE:GLOB) Shares Gap Down – Should You Sell?

Globant S.A. (NYSE:GLOB) shares gapped down before the market opened on Friday . The stock had previously closed at $228.79, but opened at $211.50. Globant shares last traded at $209.59, with a volume of 106,354 shares changing hands.

Wall Street Analyst Weigh In

Several brokerages have weighed in on GLOB. TD Cowen lifted their target price on Globant from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, August 16th. Scotiabank lifted their price objective on shares of Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 21st. Jefferies Financial Group upped their price objective on shares of Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a research report on Monday, September 9th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globant in a report on Thursday, August 22nd. They issued a “hold” rating and a $210.00 target price on the stock. Finally, KeyCorp increased their price target on shares of Globant from $220.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, August 16th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $227.00.

Globant Trading Down 10.3 %

The firm has a 50 day moving average of $208.82 and a two-hundred day moving average of $190.87. The stock has a market capitalization of $8.84 billion, a PE ratio of 53.75, a P/E/G ratio of 2.91 and a beta of 1.39.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The business had revenue of $587.46 million during the quarter, compared to analysts’ expectations of $586.72 million. Globant had a return on equity of 11.68% and a net margin of 7.39%. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the business posted $1.04 earnings per share. Equities research analysts forecast that Globant S.A. will post 5.06 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. grew its holdings in Globant by 1,817.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after buying an additional 1,431,112 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Globant in the second quarter valued at $99,396,000. Dimensional Fund Advisors LP boosted its stake in shares of Globant by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after acquiring an additional 161,512 shares during the last quarter. Sei Investments Co. increased its position in Globant by 43.4% during the 2nd quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after purchasing an additional 155,112 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Globant by 89.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 266,184 shares of the information technology services provider’s stock valued at $47,450,000 after purchasing an additional 126,030 shares during the last quarter. 91.60% of the stock is 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.