Globant (NYSE:GLOB) Stock Price Down 2.6% - Here's What Happened

Globant S.A. (NYSE:GLOB - Get Free Report)'s share price dropped 2.6% during trading on Wednesday . The company traded as low as $90.13 and last traded at $90.25. Approximately 383,885 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 711,367 shares. The stock had previously closed at $92.62.

Analyst Upgrades and Downgrades

Several analysts recently commented on GLOB shares. JPMorgan Chase & Co. reduced their price target on shares of Globant from $248.00 to $242.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Mizuho set a $153.00 target price on shares of Globant and gave the stock an "outperform" rating in a research note on Monday, May 19th. Canaccord Genuity Group dropped their price target on Globant from $205.00 to $165.00 and set a "hold" rating on the stock in a research report on Monday, February 24th. Scotiabank reduced their price objective 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, UBS Group decreased their price objective on Globant from $217.00 to $190.00 and set a "neutral" rating for the company in a research report on Wednesday, February 26th. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $179.19.

Globant Stock Performance

The stock has a 50 day moving average of $108.15 and a two-hundred day moving average of $156.03. The stock has a market capitalization of $3.86 billion, a PE ratio of 25.91, a P/E/G 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.

Globant (NYSE:GLOB - Get Free Report) last issued its earnings results on Thursday, May 15th. The information technology services provider reported $1.50 EPS 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 company had revenue of $611.09 million for the quarter, compared to analysts' expectations of $622.18 million. During the same quarter in the previous year, the firm posted $1.53 earnings per share. Globant's revenue for the quarter was up 7.0% on a year-over-year basis. Research analysts expect that Globant S.A. will post 5.73 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GLOB. Raymond James Financial Inc. purchased a new position in shares of Globant in the fourth quarter valued at $16,737,000. Cullen Frost Bankers Inc. grew its stake in Globant by 5.0% in the 4th 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 holdings in Globant by 7.5% during the 4th 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 in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Globant during the fourth quarter worth about $18,828,000. Finally, JPMorgan Chase & Co. raised 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 worth $551,506,000 after acquiring an additional 203,472 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

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.