Globant (NYSE:GLOB) Hits New 52-Week Low – What’s Next?

Globant S.A. (NYSE:GLOB) shares reached a new 52-week low during trading on Friday . The stock traded as low as $147.62 and last traded at $148.14, with a volume of 817710 shares. The stock had previously closed at $152.83.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Piper Sandler reduced their price objective on shares of Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Susquehanna assumed coverage on Globant in a research report on Tuesday, December 17th. They issued a “positive” rating and a $255.00 price target for the company. Scotiabank dropped their price objective on Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a report on Monday, February 24th. Canaccord Genuity Group reduced their target price on Globant from $205.00 to $165.00 and set a “hold” rating for the company in a report on Monday, February 24th. Finally, StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a report on Sunday, November 24th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $221.39.

Globant Stock Performance

The company has a market cap of $6.48 billion, a PE ratio of 40.40, a PEG ratio of 2.38 and a beta of 1.39. The business’s 50-day moving average is $207.17 and its 200 day moving average is $209.61.

Globant (NYSE:GLOB) last released its earnings results on Thursday, February 20th. 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 company had revenue of $642.48 million during the quarter, compared to the consensus estimate of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. Equities research analysts anticipate that Globant S.A. will post 5.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Globant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLOB. Centricity Wealth Management LLC purchased a new position in shares of Globant in the fourth quarter valued at about $38,000. Kestra Investment Management LLC purchased a new position in Globant during the 4th quarter valued at about $38,000. Wilmington Savings Fund Society FSB bought a new position in Globant during the 3rd quarter valued at approximately $40,000. Van Berkom & Associates Inc. purchased a new stake in Globant in the 4th quarter worth approximately $45,000. Finally, Promus Capital LLC bought a new stake in shares of Globant in the 4th quarter worth approximately $64,000. 91.60% of the stock is currently owned by institutional investors.

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.