Globant (NYSE:GLOB) Sets New 1-Year Low - Here's Why

Globant S.A. (NYSE:GLOB - Get Free Report) shares reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $88.00 and last traded at $88.07, with a volume of 2046178 shares. The stock had previously closed at $92.62.

Analysts Set New Price Targets

A number of research firms recently issued reports on GLOB. Susquehanna dropped their price objective on shares of Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a report on Wednesday, April 23rd. The Goldman Sachs Group downgraded shares of Globant from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $225.00 to $120.00 in a report on Friday, May 16th. Wall Street Zen raised shares of Globant from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Needham & Company LLC lowered their price target on shares of Globant from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Finally, Piper Sandler downgraded shares of Globant from an "overweight" rating to a "neutral" rating and lowered their price target for the company from $154.00 to $116.00 in a report on Friday, May 16th. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $179.19.

Globant Price Performance

The firm's 50-day moving average is $108.89 and its two-hundred day moving average is $157.91. The company has a market cap of $3.88 billion, a P/E ratio of 26.05, a PEG ratio of 1.79 and a beta of 1.24. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.56 and a quick ratio of 1.56.

Globant (NYSE:GLOB - Get Free Report) last announced its quarterly 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). Globant had a return on equity of 11.08% and a net margin of 6.16%. The business had revenue of $611.09 million during the quarter, compared to the consensus estimate of $622.18 million. During the same quarter in the prior year, the firm posted $1.53 EPS. The company's revenue for the quarter was up 7.0% on a year-over-year basis. Analysts anticipate that Globant S.A. will post 5.73 earnings per share for the current year.

Institutional Investors Weigh In On Globant

Several large investors have recently bought and sold shares of the business. Raymond James Financial Inc. bought a new position in Globant during the fourth quarter valued at $16,737,000. Cullen Frost Bankers Inc. increased its position in Globant by 5.0% during the fourth quarter. Cullen Frost Bankers Inc. now owns 52,934 shares of the information technology services provider's stock valued at $11,350,000 after acquiring an additional 2,505 shares during the last quarter. Bank of America Corp DE increased its position in Globant by 7.5% during the fourth quarter. Bank of America Corp DE now owns 440,039 shares of the information technology services provider's stock valued at $94,353,000 after acquiring an additional 30,785 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Globant during the fourth quarter valued at $18,828,000. Finally, JPMorgan Chase & Co. increased its position in Globant by 8.6% during the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider's stock valued at $551,506,000 after acquiring an additional 203,472 shares during the last quarter. Institutional investors own 91.60% of the company's stock.

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.

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