Globant (NYSE:GLOB) Reaches New 52-Week Low - Should You Sell?

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GLOB. Susquehanna decreased their price target on shares of Globant from $225.00 to $160.00 and set a "positive" rating for the company in a research note on Wednesday, April 23rd. The Goldman Sachs Group lowered shares of Globant from a "buy" rating to a "neutral" rating and decreased their price target for the company from $225.00 to $120.00 in a research note on Friday, May 16th. Canaccord Genuity Group decreased their target price on shares of Globant from $205.00 to $165.00 and set a "hold" rating for the company in a research report on Monday, February 24th. Scotiabank decreased their target price on shares of Globant from $170.00 to $140.00 and set a "sector perform" rating for the company in a research report on Tuesday, April 29th. Finally, Wall Street Zen raised Globant from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $179.19.

Globant Trading Down 0.5%

The company has a market capitalization of $3.86 billion, a P/E ratio of 25.91, a price-to-earnings-growth ratio of 1.69 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. The firm has a fifty day moving average price of $108.15 and a 200-day moving average price of $155.55.

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

Hedge Funds Weigh In On Globant

Institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its position in shares of Globant by 4,810.0% during the 4th quarter. Blue Trust Inc. now owns 491 shares of the information technology services provider's stock valued at $105,000 after acquiring an additional 481 shares during the period. Principal Financial Group Inc. grew its position in shares of Globant by 315.8% during the 4th quarter. Principal Financial Group Inc. now owns 126,199 shares of the information technology services provider's stock valued at $27,060,000 after acquiring an additional 95,848 shares during the period. Truist Financial Corp grew its position in shares of Globant by 2.6% during the 4th quarter. Truist Financial Corp now owns 21,703 shares of the information technology services provider's stock valued at $4,654,000 after acquiring an additional 557 shares during the period. Kestra Investment Management LLC bought a new position in Globant during the fourth quarter valued at $38,000. Finally, Centricity Wealth Management LLC bought a new position in Globant during the fourth quarter valued at $38,000. 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.