Globant (NYSE:GLOB) Shares Cross Below Two Hundred Day Moving Average – Here’s Why

Globant S.A. (NYSE:GLOB) shares crossed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $46.09 and traded as low as $31.29. Globant shares last traded at $32.1390, with a volume of 1,073,515 shares.

Wall Street Analysts Forecast Growth

GLOB has been the topic of several research reports. William Blair lowered shares of Globant from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Itau BBA Securities downgraded shares of Globant from an “outperform” rating to a “market perform” rating and set a $39.00 price objective for the company. in a research note on Wednesday, July 8th. The Goldman Sachs Group dropped their price objective on shares of Globant from $68.00 to $60.00 and set a “neutral” rating for the company in a research report on Friday, May 15th. Truist Financial cut their target price on shares of Globant from $54.00 to $44.00 and set a “hold” rating on the stock in a research note on Friday, May 15th. Finally, TD Cowen reduced their target price on shares of Globant from $59.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Six analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $54.62.

Globant Trading Down 0.5%

The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.41 billion, a price-to-earnings ratio of 13.06, a price-to-earnings-growth ratio of 1.21 and a beta of 1.06. The business has a 50 day moving average price of $34.90 and a 200-day moving average price of $46.09.

Globant (NYSE:GLOB) last released its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, hitting the consensus estimate of $1.50. The firm had revenue of $607.09 million for the quarter, compared to analyst estimates of $601.65 million. Globant had a return on equity of 9.87% and a net margin of 4.46%.Globant’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the company posted $1.50 EPS. As a group, research analysts expect that Globant S.A. will post 4.9 EPS for the current fiscal year.

Globant announced that its Board of Directors has initiated a stock buyback plan on Monday, May 18th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the information technology services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Signaturefd LLC boosted its stake in shares of Globant by 65.1% in the fourth quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 190 shares during the period. Allworth Financial LP grew its holdings in Globant by 473.3% during the 4th quarter. Allworth Financial LP now owns 493 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 407 shares in the last quarter. Larson Financial Group LLC increased its stake 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. GAMMA Investing LLC increased its stake in Globant by 34.3% during the 4th quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock worth $47,000 after buying an additional 182 shares during the period. Finally, MidFirst Bank acquired a new position in Globant in the 4th quarter worth $47,000. 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.