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

Globant S.A. (NYSE:GLOB) shares 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 changing hands. The stock had previously closed at $133.82.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on GLOB. StockNews.com raised Globant from a “sell” rating to a “hold” rating in a research report on Sunday, November 24th. JPMorgan Chase & Co. reduced their price objective on Globant from $248.00 to $242.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Scotiabank lowered their target price on Globant from $220.00 to $170.00 and set a “sector perform” rating on the stock in a research note on Monday, February 24th. Jefferies Financial Group upped their price objective on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Finally, Redburn Atlantic raised shares of Globant from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $140.00 to $150.00 in a research note on Tuesday, February 25th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $219.71.

Globant Price Performance

The firm has a market cap of $5.59 billion, a price-to-earnings ratio of 34.12, a PEG ratio of 2.38 and a beta of 1.47. The business has a fifty day simple moving average of $186.43 and a 200 day simple moving average of $203.86.

Globant (NYSE:GLOB) last announced its quarterly earnings data on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a net margin of 6.86% and a return on equity of 11.83%. The business had revenue of $642.48 million for the quarter, compared to analysts’ expectations of $644.42 million. On average, research analysts anticipate that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

A number of hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Globant in the 4th quarter valued at $274,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Globant during the 4th quarter worth approximately $18,828,000. Jefferies Financial Group Inc. increased its stake in shares of 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 buying an additional 870 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Globant by 163.4% in the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,500 shares of the information technology services provider’s stock valued at $26,266,000 after buying an additional 76,000 shares in the last quarter. Finally, Vident Advisory LLC acquired a new position in shares of Globant during the 4th quarter worth about $235,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.