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

Globant S.A. (NYSE:GLOB - Get Free Report) shares hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $86.00 and last traded at $86.60, with a volume of 120568 shares trading hands. The stock had previously closed at $87.49.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Wall Street Zen upgraded Globant from a "sell" rating to a "hold" rating in a research report on Monday, May 19th. Mizuho set a $153.00 price objective on Globant and gave the company an "outperform" rating in a research report on Monday, May 19th. Canaccord Genuity Group reissued a "hold" rating and issued a $97.00 target price (down from $165.00) on shares of Globant in a research note on Thursday, June 26th. Scotiabank lowered their target price on Globant from $170.00 to $140.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 29th. Finally, The Goldman Sachs Group cut Globant from a "buy" rating to a "neutral" rating and lowered their target price for the company from $225.00 to $120.00 in a research note on Friday, May 16th. Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $174.94.

Globant Trading Down 2.5%

The company has a fifty day simple moving average of $101.65 and a two-hundred day simple moving average of $142.45. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $3.76 billion, a P/E ratio of 25.23, a price-to-earnings-growth ratio of 2.69 and a beta of 1.20.

Globant (NYSE:GLOB - Get Free Report) last posted its earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.08). The business had revenue of $611.09 million for the quarter, compared to the consensus estimate of $622.18 million. Globant had a return on equity of 11.08% and a net margin of 6.16%. The business's revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.53 earnings per share. On average, sell-side analysts expect 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 GLOB. Invesco Ltd. lifted its holdings in shares of Globant by 764.3% in the first quarter. Invesco Ltd. now owns 945,215 shares of the information technology services provider's stock valued at $111,271,000 after purchasing an additional 835,859 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Globant by 293.5% in the first quarter. Royal Bank of Canada now owns 999,955 shares of the information technology services provider's stock valued at $117,716,000 after purchasing an additional 745,848 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of Globant by 209.0% in the first quarter. Westfield Capital Management Co. LP now owns 820,445 shares of the information technology services provider's stock valued at $96,583,000 after purchasing an additional 554,938 shares in the last quarter. Nuveen LLC bought a new stake in shares of Globant in the first quarter valued at about $58,163,000. Finally, Manning & Napier Advisors LLC lifted its holdings in shares of Globant by 86.3% in the first quarter. Manning & Napier Advisors LLC now owns 907,659 shares of the information technology services provider's stock valued at $106,850,000 after purchasing an additional 420,382 shares in the last quarter. 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.