Globant (NYSE:GLOB) Hits New 52-Week Low - What's Next?

Globant S.A. (NYSE:GLOB - Get Free Report)'s stock price reached a new 52-week low 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.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Scotiabank lowered their price target on shares of Globant from $170.00 to $140.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 29th. Piper Sandler cut Globant from an "overweight" rating to a "neutral" rating and reduced their price objective for the company from $154.00 to $116.00 in a research report on Friday, May 16th. Susquehanna lowered their target price on Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a research note on Wednesday, April 23rd. Mizuho set a $153.00 target price on Globant and gave the stock an "outperform" rating in a research report on Monday, May 19th. Finally, Needham & Company LLC reduced their price target on Globant from $130.00 to $115.00 and set a "buy" rating for the company in a report on Friday, May 16th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $174.94.

Globant Stock Down 1.7%

The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 24.78, a price-to-earnings-growth ratio of 2.62 and a beta of 1.20. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.56 and a current ratio of 1.56. The business's 50 day moving average is $101.65 and its 200-day moving average is $141.36.

Globant (NYSE:GLOB - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.58 by ($0.08). Globant had a net margin of 6.16% and a return on equity of 11.08%. The business had revenue of $611.09 million during the quarter, compared to analyst estimates of $622.18 million. During the same period in the prior year, the business posted $1.53 earnings per share. The company's revenue for the quarter was up 7.0% compared to the same quarter last year. Equities analysts anticipate that Globant S.A. will post 5.73 EPS for the current fiscal year.

Institutional Trading of Globant

Several institutional investors have recently made changes to their positions in GLOB. Brooklyn Investment Group raised its position in Globant by 194.4% in the first quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 140 shares in the last quarter. Physician Wealth Advisors Inc. raised its holdings in shares of Globant by 140.9% in the 1st quarter. Physician Wealth Advisors Inc. now owns 265 shares of the information technology services provider's stock worth $31,000 after buying an additional 155 shares in the last quarter. Bessemer Group Inc. acquired a new position in shares of Globant in the 1st quarter worth approximately $39,000. Farther Finance Advisors LLC lifted its position in shares of Globant by 186.7% during the 1st quarter. Farther Finance Advisors LLC now owns 387 shares of the information technology services provider's stock worth $45,000 after buying an additional 252 shares during the period. Finally, Signaturefd LLC lifted its position in shares of Globant by 29.7% during the 1st quarter. Signaturefd LLC now owns 389 shares of the information technology services provider's stock worth $46,000 after buying an additional 89 shares during the period. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Globant Company Profile

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.