Globant (NYSE:GLOB) Shares Gap Down After Analyst Downgrade

Globant S.A. (NYSE:GLOB)’s share price gapped down prior to trading on Friday after StockNews.com downgraded the stock from a hold rating to a sell rating. 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.

A number of other equities analysts have also recently issued reports on the stock. Piper Sandler dropped their price objective on shares of Globant from $240.00 to $237.00 and set an “overweight” rating for the company in a research note on Friday. TD Cowen raised their price target on shares of Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday. Citigroup upped their price objective on Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research note on Monday, October 28th. Canaccord Genuity Group boosted their price target on Globant from $175.00 to $205.00 and gave the company a “hold” rating in a research note on Wednesday, August 21st. Finally, Needham & Company LLC increased their price objective on Globant from $245.00 to $265.00 and gave the stock a “buy” rating in a research note on Friday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, Globant has a consensus rating of “Moderate Buy” and a consensus target price of $228.50.

Institutional Trading of Globant

Large investors have recently made changes to their positions in the company. Quarry LP boosted its holdings in shares of Globant by 529.6% in the second quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock valued at $30,000 after buying an additional 143 shares during the period. Ridgewood Investments LLC bought a new position in shares of Globant during the 2nd quarter worth approximately $31,000. BOKF NA grew its stake in shares of Globant by 15,800.0% during the 1st quarter. BOKF NA now owns 159 shares of the information technology services provider’s stock worth $32,000 after acquiring an additional 158 shares in the last quarter. ORG Partners LLC raised its holdings in shares of Globant by 65.5% in the third quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock valued at $38,000 after purchasing an additional 76 shares during the last quarter. Finally, American National Bank & Trust lifted its position in shares of Globant by 430.2% in the third quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock worth $45,000 after purchasing an additional 185 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.

Globant Stock Down 11.1 %

The firm has a market cap of $8.76 billion, a price-to-earnings ratio of 53.04, a PEG ratio of 2.91 and a beta of 1.39. The company’s fifty day moving average is $208.98 and its 200 day moving average is $191.01.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating the consensus estimate of $1.50 by $0.01. The firm 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 quarterly revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.04 earnings per share. On average, equities research analysts forecast that Globant S.A. will post 5.06 EPS for the current fiscal year.

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.