Globant (NYSE:GLOB) Stock Price Down 5% - Should You Sell?

Globant S.A. (NYSE:GLOB - Get Free Report) shares fell 5% on Friday . The company traded as low as $100.37 and last traded at $100.15. 225,627 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 681,075 shares. The stock had previously closed at $105.37.

Wall Street Analysts Forecast Growth

GLOB has been the topic of a number of analyst reports. The Goldman Sachs Group cut Globant from a "buy" rating to a "neutral" rating and cut their price target for the company from $225.00 to $120.00 in a research note on Friday, May 16th. UBS Group reduced their target price on shares of Globant from $217.00 to $190.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. Wall Street Zen raised Globant from a "sell" rating to a "hold" rating in a research note on Monday. JPMorgan Chase & Co. reduced their price target on shares of Globant from $248.00 to $242.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Finally, Mizuho set a $153.00 price target on Globant and gave the stock an "outperform" rating in a report on Monday. 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 a consensus rating of "Moderate Buy" and a consensus price target of $179.19.

Globant Price Performance

The company has a 50-day moving average price of $116.45 and a two-hundred day moving average price of $174.48. The company has a market cap of $4.44 billion, a PE ratio of 27.13, a P/E/G ratio of 2.38 and a beta of 1.37.

Globant (NYSE:GLOB - Get Free Report) last released its quarterly 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 11.83% and a net margin of 6.86%. The business had revenue of $611.09 million during the quarter, compared to analyst estimates of $622.18 million. During the same quarter last year, the firm posted $1.53 EPS. The company's revenue was up 7.0% compared to the same quarter last year. On average, equities research analysts anticipate that Globant S.A. will post 5.73 earnings per share for the current year.

Institutional Investors Weigh In On Globant

Several hedge funds and other institutional investors have recently modified their holdings of GLOB. Brooklyn Investment Group grew its position in shares of Globant by 194.4% during the first quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider's stock worth $25,000 after acquiring an additional 140 shares during the last quarter. Physician Wealth Advisors Inc. increased its position 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 worth $31,000 after acquiring an additional 155 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Globant during the 4th quarter valued at $38,000. Kestra Investment Management LLC bought a new position in shares of Globant in the 4th quarter valued at approximately $38,000. Finally, Bessemer Group Inc. acquired a new stake in Globant in the 1st quarter valued at approximately $39,000. 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.

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