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

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on GLOB shares. Piper Sandler lowered their target price on Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Needham & Company LLC reissued a “buy” rating and issued a $220.00 target price on shares of Globant in a research note on Wednesday, March 12th. Jefferies Financial Group lifted their price objective on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. JPMorgan Chase & Co. decreased 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. Finally, Redburn Atlantic raised Globant from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $140.00 to $150.00 in a research note on Tuesday, February 25th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $219.71.

Globant Stock Up 1.2 %

The company has a market capitalization of $5.76 billion, a P/E ratio of 35.15, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47. The business has a fifty day moving average price of $183.20 and a 200 day moving average price of $202.85.

Globant (NYSE:GLOB) last issued its quarterly earnings results 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). The firm had revenue of $642.48 million during the quarter, compared to the consensus estimate of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. As a group, equities analysts forecast that Globant S.A. will post 5.73 earnings per share for the current year.

Institutional Trading of Globant

A number of institutional investors have recently modified their holdings of the company. Centricity Wealth Management LLC bought a new stake in Globant during the fourth quarter worth about $38,000. Kestra Investment Management LLC bought a new stake in Globant during the fourth quarter worth about $38,000. Wilmington Savings Fund Society FSB bought a new stake in Globant during the third quarter worth about $40,000. Van Berkom & Associates Inc. bought a new stake in Globant during the fourth quarter worth about $45,000. Finally, Promus Capital LLC bought a new stake in Globant during the fourth quarter worth about $64,000. 91.60% of the stock is currently owned by institutional investors.

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.