Globant (NYSE:GLOB) Sets New 1-Year Low – Time to Sell?

Globant S.A. (NYSE:GLOB) shares reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $120.17 and last traded at $120.79, with a volume of 175811 shares traded. The stock had previously closed at $126.40.

Analysts Set New Price Targets

GLOB has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price target on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Scotiabank dropped their target price on Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a report on Monday, February 24th. Needham & Company LLC restated a “buy” rating and issued a $220.00 price target on shares of Globant in a report on Wednesday, March 12th. Redburn Atlantic upgraded shares of Globant from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $140.00 to $150.00 in a research note on Tuesday, February 25th. Finally, Canaccord Genuity Group decreased their target price on shares of Globant from $205.00 to $165.00 and set a “hold” rating for the company in a research note on Monday, February 24th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Globant has an average rating of “Moderate Buy” and an average target price of $219.71.

Globant Price Performance

The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of 31.85, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47. The business has a fifty day moving average price of $176.51 and a 200 day moving average price of $200.93.

Globant (NYSE:GLOB) last released its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.39). The company had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. Research analysts anticipate that Globant S.A. will post 5.73 earnings per share for the current year.

Hedge Funds Weigh In On Globant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wasatch Advisors LP lifted its holdings in shares of Globant by 2.6% in the third quarter. Wasatch Advisors LP now owns 3,480,129 shares of the information technology services provider’s stock valued at $689,553,000 after buying an additional 88,829 shares during the period. JPMorgan Chase & Co. raised its position in Globant by 8.6% in the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider’s stock worth $551,506,000 after acquiring an additional 203,472 shares in the last quarter. Capital International Investors lifted its holdings in Globant by 13.1% in the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider’s stock valued at $364,723,000 after acquiring an additional 197,064 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in Globant by 6.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider’s stock valued at $344,382,000 after acquiring an additional 96,257 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in shares of Globant by 0.6% in the 4th quarter. Jennison Associates LLC now owns 802,547 shares of the information technology services provider’s stock worth $172,082,000 after purchasing an additional 4,970 shares in the last quarter. 91.60% of the stock is 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.