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

Globant S.A. (NYSE:GLOB) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $52.88 and last traded at $53.5650, with a volume of 154965 shares changing hands. The stock had previously closed at $55.47.

Analysts Set New Price Targets

GLOB has been the subject of a number of research reports. Truist Financial started coverage on Globant in a research report on Tuesday, January 6th. They issued a “hold” rating and a $72.00 price objective for the company. Citigroup upgraded shares of Globant to a “hold” rating in a research report on Thursday, October 23rd. Needham & Company LLC dropped their price target on shares of Globant from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, November 14th. Wells Fargo & Company increased their price objective on shares of Globant from $61.00 to $68.00 and gave the company an “equal weight” rating in a report on Wednesday, January 14th. Finally, Jefferies Financial Group lowered shares of Globant from a “buy” rating to a “hold” rating and lowered their target price for the stock from $80.00 to $61.00 in a report on Thursday, November 20th. Six analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $97.75.

Globant Price Performance

The company’s 50 day simple moving average is $66.49 and its 200 day simple moving average is $65.06. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a market cap of $2.19 billion, a P/E ratio of 22.61, a P/E/G ratio of 6.52 and a beta of 1.19.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, November 13th. The information technology services provider reported $1.53 earnings per share for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.02). Globant had a return on equity of 10.39% and a net margin of 4.01%.The firm had revenue of $617.14 million for the quarter, compared to the consensus estimate of $615.32 million. During the same period in the prior year, the business earned $1.63 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. As a group, equities analysts forecast that Globant S.A. will post 5.73 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLOB. Allworth Financial LP raised its position in shares of Globant by 214.1% during the second quarter. Allworth Financial LP now owns 289 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 197 shares during the period. Geneos Wealth Management Inc. increased its stake in Globant by 352.0% during the 3rd quarter. Geneos Wealth Management Inc. now owns 452 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 352 shares in the last quarter. Signaturefd LLC increased its stake in Globant by 65.1% during the 4th quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 190 shares in the last quarter. Larson Financial Group LLC raised its holdings in Globant by 561.2% during the 4th quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock worth $45,000 after buying an additional 578 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Globant by 34.3% in the fourth quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock valued at $47,000 after buying an additional 182 shares in the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

Globant Company Profile

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.