Globant (NYSE:GLOB) Stock Price Down 2.6% - Time to Sell?

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

Analysts Set New Price Targets

Several equities research analysts have weighed in on GLOB shares. Susquehanna cut their target price 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. Canaccord Genuity Group dropped their target price on Globant from $205.00 to $165.00 and set a "hold" rating on the stock in a report on Monday, February 24th. Piper Sandler cut shares of Globant from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $154.00 to $116.00 in a report on Friday, May 16th. Scotiabank dropped their price target on Globant from $170.00 to $140.00 and set a "sector perform" rating on the stock in a research note on Tuesday, April 29th. Finally, UBS Group lowered their target price on Globant from $217.00 to $190.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 26th. Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $179.19.

Globant Trading Down 4.5%

The business's 50 day simple moving average is $109.37 and its two-hundred day simple moving average is $158.39. The stock has a market cap of $3.90 billion, a P/E ratio of 26.20, a PEG ratio of 1.78 and a beta of 1.24. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.13.

Globant (NYSE:GLOB - Get Free Report) last released 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 firm had revenue of $611.09 million for the quarter, compared to the consensus estimate of $622.18 million. During the same quarter last year, the firm posted $1.53 earnings per share. The business's revenue for the quarter was up 7.0% on a year-over-year basis. As a group, analysts expect that Globant S.A. will post 5.73 EPS for the current year.

Institutional Investors Weigh In On Globant

Institutional investors have recently modified their holdings of the company. Brooklyn Investment Group boosted its holdings in shares of Globant by 194.4% during the 1st quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider's stock worth $25,000 after buying an additional 140 shares in the last quarter. Physician Wealth Advisors Inc. lifted its holdings in shares of Globant by 140.9% in the first quarter. Physician Wealth Advisors Inc. now owns 265 shares of the information technology services provider's stock valued at $31,000 after purchasing an additional 155 shares in the last quarter. Kestra Investment Management LLC bought a new position in Globant during the 4th quarter valued at $38,000. Centricity Wealth Management LLC bought a new position in Globant during the 4th quarter valued at $38,000. Finally, Bessemer Group Inc. bought a new position in Globant during the 1st quarter valued at $39,000. 91.60% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.