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

Globant S.A. (NYSE:GLOB) hit a new 52-week low on Thursday . The company traded as low as $124.53 and last traded at $127.06, with a volume of 108999 shares traded. The stock had previously closed at $133.82.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GLOB. Susquehanna began coverage on Globant in a research report on Tuesday, December 17th. They set a “positive” rating and a $255.00 price target on the stock. Canaccord Genuity Group lowered their price target on Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research report on Monday, February 24th. Scotiabank lowered their price target on Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a research report on Monday, February 24th. UBS Group lowered their price target on Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. decreased their target price on Globant from $248.00 to $242.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, Globant has a consensus rating of “Moderate Buy” and a consensus target price of $219.71.

Globant Price Performance

The firm has a market cap of $5.76 billion, a price-to-earnings ratio of 35.15, a P/E/G ratio of 2.38 and a beta of 1.47. The stock has a 50-day moving average of $183.20 and a 200-day moving average of $202.85.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 return on equity of 11.83% and a net margin of 6.86%. On average, equities analysts expect that Globant S.A. will post 5.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Globant

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC bought a new stake in Globant during the fourth quarter worth $274,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Globant during the fourth quarter worth $18,828,000. Jefferies Financial Group Inc. lifted its stake in Globant by 5.6% during the fourth quarter. Jefferies Financial Group Inc. now owns 16,400 shares of the information technology services provider’s stock worth $3,516,000 after purchasing an additional 870 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in Globant by 163.4% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,500 shares of the information technology services provider’s stock worth $26,266,000 after purchasing an additional 76,000 shares during the last quarter. Finally, Vident Advisory LLC bought a new stake in Globant during the fourth quarter worth $235,000. 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.