Globant (NYSE:GLOB) Shares Down 4.6% - Here's What Happened

Globant S.A. (NYSE:GLOB - Get Free Report)'s stock price fell 4.6% on Thursday . The company traded as low as $87.76 and last traded at $88.50. 577,110 shares changed hands during mid-day trading, a decline of 21% from the average session volume of 733,983 shares. The stock had previously closed at $92.75.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GLOB. Piper Sandler cut shares of Globant from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $154.00 to $116.00 in a research report on Friday, May 16th. Scotiabank decreased their price objective 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. Susquehanna decreased their price objective on shares of Globant from $225.00 to $160.00 and set a "positive" rating for the company in a research report on Wednesday, April 23rd. The Goldman Sachs Group cut shares of Globant from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $225.00 to $120.00 in a research report on Friday, May 16th. Finally, Guggenheim reissued a "buy" rating and issued a $125.00 price objective on shares of Globant in a research report on Tuesday, June 10th. Eight 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, Globant currently has an average rating of "Moderate Buy" and an average target price of $174.94.

Globant Stock Down 2.5%

The stock's fifty day simple moving average is $101.65 and its two-hundred day simple moving average is $141.91. 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 company has a market capitalization of $3.76 billion, a price-to-earnings ratio of 25.23, a PEG ratio of 2.62 and a beta of 1.20.

Globant (NYSE:GLOB - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates of $622.18 million. During the same quarter last year, the company earned $1.53 EPS. Globant's revenue was up 7.0% compared to the same quarter last year. On average, sell-side analysts predict that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

A number of hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new stake in Globant in the 4th quarter valued at about $16,737,000. PNC Financial Services Group Inc. raised its holdings in shares of Globant by 2.5% during the fourth quarter. PNC Financial Services Group Inc. now owns 4,813 shares of the information technology services provider's stock valued at $1,032,000 after buying an additional 118 shares during the last quarter. Amundi raised its holdings in shares of Globant by 209.2% during the fourth quarter. Amundi now owns 2,718 shares of the information technology services provider's stock valued at $580,000 after buying an additional 1,839 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of Globant by 13.3% during the fourth quarter. HighTower Advisors LLC now owns 6,483 shares of the information technology services provider's stock worth $1,390,000 after buying an additional 759 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Globant by 3,513.0% during the fourth quarter. EverSource Wealth Advisors LLC now owns 831 shares of the information technology services provider's stock worth $178,000 after buying an additional 808 shares during the period. 91.60% of the stock is currently 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.