Globant (NYSE:GLOB) Reaches New 52-Week Low – Time to Sell?

Globant S.A. (NYSE:GLOB)’s share price reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $114.00 and last traded at $118.10, with a volume of 708489 shares. The stock had previously closed at $115.98.

Analyst Upgrades and Downgrades

GLOB has been the subject of a number of analyst reports. Needham & Company LLC reissued a “buy” rating and set a $220.00 price objective on shares of Globant in a report on Wednesday, March 12th. Piper Sandler decreased their price objective on shares of Globant from $237.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Canaccord Genuity Group dropped their price objective on shares of Globant from $205.00 to $165.00 and set a “hold” rating for the company in a report on Monday, February 24th. StockNews.com lowered Globant from a “hold” rating to a “sell” rating in a research report on Saturday, March 29th. Finally, JPMorgan Chase & Co. cut their price objective on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Globant has a consensus rating of “Moderate Buy” and an average target price of $219.71.

Globant Trading Up 1.8 %

The business’s fifty day simple moving average is $169.03 and its 200 day simple moving average is $198.69. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of 31.75, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47.

Globant (NYSE:GLOB) last announced 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). Globant had a return on equity of 11.83% and a net margin of 6.86%. The company had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. As a group, research analysts anticipate that Globant S.A. will post 5.73 earnings per share for the current year.

Institutional Investors Weigh In On Globant

Hedge funds have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in Globant by 8.6% during 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 shares of Globant by 13.1% during 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 purchasing an additional 197,064 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of 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 purchasing an additional 96,257 shares during the period. Jennison Associates LLC increased its stake in Globant by 0.6% during 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. Finally, Sei Investments Co. raised its holdings in Globant by 3.5% during the 4th quarter. Sei Investments Co. now owns 602,802 shares of the information technology services provider’s stock worth $129,252,000 after buying an additional 20,365 shares during the period. 91.60% of the stock is currently owned by institutional investors and hedge funds.

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.