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

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

Wall Street Analysts Forecast Growth

GLOB has been the topic of a number of analyst reports. Piper Sandler downgraded Globant from an "overweight" rating to a "neutral" rating and cut their price target for the company from $154.00 to $116.00 in a research note on Friday, May 16th. Canaccord Genuity Group reaffirmed a "hold" rating and set a $97.00 price objective (down previously from $165.00) on shares of Globant in a research note on Thursday, June 26th. The Goldman Sachs Group downgraded 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 research note on Friday, May 16th. Wall Street Zen raised Globant from a "sell" rating to a "hold" rating in a research note on Monday, May 19th. Finally, Guggenheim reaffirmed a "buy" rating and set a $125.00 price objective on shares of Globant in a research note on Tuesday, June 10th. Eight investment 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 stock has an average rating of "Moderate Buy" and a consensus target price of $174.94.

Globant Stock Performance

The stock has a market cap of $3.80 billion, a P/E ratio of 25.56, a PEG ratio of 2.86 and a beta of 1.20. The stock has a fifty day simple moving average of $102.33 and a 200-day simple moving average of $143.37. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.56 and a current ratio of 1.56.

Globant (NYSE:GLOB - Get Free Report) last announced 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). The company 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%. Globant's revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.53 EPS. On average, equities analysts expect that Globant S.A. will post 5.73 earnings per share for the current year.

Hedge Funds Weigh In On Globant

Several hedge funds have recently modified their holdings of the stock. Congress Wealth Management LLC DE grew its holdings in shares of Globant by 2.9% in the 4th quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider's stock valued at $575,000 after acquiring an additional 76 shares in the last quarter. Signaturefd LLC lifted its stake in Globant by 29.7% in the 1st quarter. Signaturefd LLC now owns 389 shares of the information technology services provider's stock valued at $46,000 after purchasing an additional 89 shares during the last quarter. Treasurer of the State of North Carolina lifted its stake in Globant by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 18,490 shares of the information technology services provider's stock valued at $3,965,000 after purchasing an additional 110 shares during the last quarter. Blue Trust Inc. lifted its stake in Globant by 23.6% in the 1st quarter. Blue Trust Inc. now owns 607 shares of the information technology services provider's stock valued at $71,000 after purchasing an additional 116 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in Globant by 2.5% in the 4th 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 purchasing an additional 118 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.