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

Globant S.A. (NYSE:GLOB)’s stock price gapped down before the market opened 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 traded.

A number of other research analysts have also issued reports on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Globant in a research report on Thursday, August 22nd. They set a “hold” rating and a $210.00 target price on the stock. Piper Sandler reduced their price target on Globant from $240.00 to $237.00 and set an “overweight” rating on the stock in a research report on Friday. Scotiabank lifted their price objective on Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a report on Wednesday, August 21st. TD Cowen increased their target price on Globant from $230.00 to $240.00 and gave the stock a “buy” rating in a report on Friday. Finally, UBS Group restated a “neutral” rating and issued a $235.00 target price (up from $225.00) on shares of Globant in a research report on Tuesday, August 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat.com, Globant presently has a consensus rating of “Moderate Buy” and a consensus price target of $228.50.

Institutional Investors Weigh In On Globant

Institutional investors and hedge funds have recently made changes to their positions in the business. 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 worth $902,000 after buying an additional 50 shares in the last quarter. 17 Capital Partners LLC grew its stake in shares of Globant by 1.6% in the 2nd quarter. 17 Capital Partners LLC now owns 3,455 shares of the information technology services provider’s stock worth $616,000 after acquiring an additional 55 shares in the last quarter. M&T Bank Corp grew its stake in shares of Globant by 3.8% in the 3rd quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock worth $326,000 after acquiring an additional 60 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, Signaturefd LLC lifted its position in shares of Globant by 46.0% during the third quarter. Signaturefd LLC now owns 292 shares of the information technology services provider’s stock valued at $58,000 after purchasing an additional 92 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Price Performance

The firm’s fifty day moving average is $208.98 and its two-hundred day moving average is $191.01. The firm has a market capitalization of $8.76 billion, a PE ratio of 53.04, a PEG ratio of 2.91 and a beta of 1.39.

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, topping analysts’ consensus estimates of $1.50 by $0.01. Globant had a return on equity of 11.68% and a net margin of 7.39%. The business had revenue of $587.46 million for the quarter, compared to analyst estimates of $586.72 million. During the same period last year, the company posted $1.04 earnings per share. Globant’s quarterly revenue was up 18.1% compared to the same quarter last year. As a group, equities research analysts predict that Globant S.A. will post 5.06 EPS for the current fiscal year.

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.