Globant (NYSE:GLOB) Shares Gap Down Following Weak Earnings

Globant S.A. (NYSE:GLOB) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $210.17, but opened at $187.23. Globant shares last traded at $161.38, with a volume of 1,054,051 shares changing hands.

The information technology services provider reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.39). The firm had revenue of $642.48 million during the quarter, compared to analyst estimates of $644.42 million. Globant had a net margin of 7.20% and a return on equity of 11.65%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on GLOB. Piper Sandler lowered their price target on shares of Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a report on Friday. Susquehanna started coverage on shares of Globant in a research note on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price objective on the stock. UBS Group dropped their target price on shares of Globant from $222.00 to $217.00 and set a “neutral” rating on the stock in a research report on Monday, February 3rd. TD Cowen lifted their target price on shares of Globant from $230.00 to $240.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Jefferies Financial Group lifted their price target on shares of Globant from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Globant has a consensus rating of “Moderate Buy” and an average price target of $227.06.

Institutional Investors Weigh In On Globant

Several institutional investors have recently modified their holdings of GLOB. Equitable Trust Co. grew its holdings in Globant by 1.1% during the third quarter. Equitable Trust Co. now owns 4,550 shares of the information technology services provider’s stock valued at $902,000 after purchasing an additional 50 shares during the period. M&T Bank Corp lifted its position in Globant by 3.8% during the 3rd quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock worth $326,000 after buying an additional 60 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Globant by 0.6% in the 3rd quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock valued at $2,704,000 after purchasing an additional 71 shares during the period. Congress Wealth Management LLC DE raised its holdings in shares of Globant by 2.9% in the 4th quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider’s stock valued at $575,000 after purchasing an additional 76 shares during the period. Finally, Signaturefd LLC grew its stake in Globant by 46.0% in the 3rd quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 92 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Trading Down 27.7 %

The firm has a market cap of $6.55 billion, a price-to-earnings ratio of 39.69, a price-to-earnings-growth ratio of 2.46 and a beta of 1.39. The stock’s 50 day moving average is $215.37 and its 200 day moving average is $210.82.

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.