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

Globant S.A. (NYSE:GLOB) reached 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 trading hands. The stock had previously closed at $210.17.

Several other research analysts also recently issued reports on GLOB. Jefferies Financial Group raised their price objective on shares of Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. TD Cowen raised their price target on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Needham & Company LLC reduced their price objective on Globant from $265.00 to $220.00 and set a “buy” rating for the company in a research note on Friday. Canaccord Genuity Group reiterated a “hold” rating and issued a $205.00 target price on shares of Globant in a research note on Monday, November 18th. Finally, Susquehanna began coverage on Globant in a research note on Tuesday, December 17th. They set a “positive” rating and a $255.00 price target for the company. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $227.06.

Hedge Funds Weigh In On Globant

Several hedge funds have recently bought and sold shares of GLOB. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Globant by 163.4% during the 4th quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,500 shares of the information technology services provider’s stock worth $26,266,000 after buying an additional 76,000 shares during the last quarter. Vident Advisory LLC purchased a new stake in shares of Globant in the fourth quarter valued at about $235,000. Teza Capital Management LLC purchased a new stake in shares of Globant in the fourth quarter valued at about $8,650,000. Royal Bank of Canada lifted its holdings in shares of Globant by 15.4% in the fourth quarter. Royal Bank of Canada now owns 254,107 shares of the information technology services provider’s stock valued at $54,486,000 after purchasing an additional 33,921 shares in the last quarter. Finally, Raiffeisen Bank International AG acquired a new stake in Globant during the 4th quarter valued at $171,000. 91.60% of the stock is owned by hedge funds and other institutional investors.

Globant Stock Performance

The business has a fifty day simple moving average of $215.37 and a 200 day simple moving average of $210.82. The stock has a market cap of $6.55 billion, a price-to-earnings ratio of 39.69, a PEG ratio of 2.46 and a beta of 1.39.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). The company had revenue of $642.48 million for the quarter, compared to analysts’ expectations of $644.42 million. Globant had a return on equity of 11.65% and a net margin of 7.20%. On average, equities research analysts anticipate that Globant S.A. will post 4.98 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.