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

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

Analyst Upgrades and Downgrades

Several research firms have recently commented on GLOB. Guggenheim reaffirmed a "buy" rating and issued a $125.00 target price on shares of Globant in a research report on Tuesday, June 10th. Susquehanna cut their price objective on Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a research report on Wednesday, April 23rd. Scotiabank reduced their target price on Globant from $170.00 to $140.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 29th. Needham & Company LLC lowered their target price on Globant from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Friday, May 16th. Finally, The Goldman Sachs Group lowered Globant from a "buy" rating to a "neutral" rating and dropped their price target for the company from $225.00 to $120.00 in a research report on Friday, May 16th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $174.94.

Globant Stock Down 4.7%

The company has a market cap of $3.89 billion, a P/E ratio of 26.18, a P/E/G ratio of 2.86 and a beta of 1.20. The company's 50-day moving average is $102.92 and its two-hundred day moving average is $144.28. 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 posted 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 business had revenue of $611.09 million during the quarter, compared to analysts' expectations of $622.18 million. During the same quarter in the prior year, the firm earned $1.53 EPS. The firm's revenue for the quarter was up 7.0% compared to the same quarter last year. As a group, equities analysts predict that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

Several institutional investors and hedge funds have recently added to or reduced their stakes in GLOB. M&T Bank Corp boosted its stake in shares of Globant by 26.3% in the 4th quarter. M&T Bank Corp now owns 2,073 shares of the information technology services provider's stock worth $445,000 after buying an additional 432 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Globant in the fourth quarter worth about $16,737,000. PNC Financial Services Group Inc. grew its stake in shares of Globant by 2.5% during 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 period. Amundi increased its position in shares of Globant by 209.2% during the 4th quarter. Amundi now owns 2,718 shares of the information technology services provider's stock valued at $580,000 after purchasing an additional 1,839 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Globant by 25.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 70,370 shares of the information technology services provider's stock worth $15,089,000 after purchasing an additional 14,122 shares during the period. Hedge funds and other 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.

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