Globant (NYSE:GLOB) Shares Down 5% - Time to Sell?

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

Analysts Set New Price Targets

Several equities analysts have issued reports on GLOB shares. Needham & Company LLC cut their target price on Globant from $130.00 to $115.00 and set a "buy" rating on the stock in a research note on Friday, May 16th. Susquehanna cut their price objective on shares of Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a research report on Wednesday, April 23rd. Mizuho set a $153.00 price objective on shares of Globant and gave the stock an "outperform" rating in a research note on Monday, May 19th. Piper Sandler cut shares of Globant from an "overweight" rating to a "neutral" rating and decreased their target price for the company from $154.00 to $116.00 in a research report on Friday, May 16th. Finally, Wall Street Zen upgraded shares of Globant from a "sell" rating to a "hold" rating in a research note on Monday, May 19th. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $179.19.

Globant Trading Down 2.7%

The stock has a market capitalization of $4.36 billion, a price-to-earnings ratio of 26.59, a P/E/G ratio of 2.38 and a beta of 1.37. The firm has a 50-day moving average of $114.55 and a 200-day moving average of $171.57.

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 (EPS) for the quarter, missing the consensus estimate of $1.58 by ($0.08). The firm had revenue of $611.09 million during the quarter, compared to analysts' expectations of $622.18 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. The company's revenue for the quarter was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.53 earnings per share. On average, equities research analysts anticipate that Globant S.A. will post 5.73 EPS for the current year.

Institutional Trading of Globant

Large investors have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its position in Globant by 8.6% during the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider's stock valued at $551,506,000 after purchasing an additional 203,472 shares during the period. Victory Capital Management Inc. raised its stake in shares of Globant by 6.2% during the 1st quarter. Victory Capital Management Inc. now owns 1,704,973 shares of the information technology services provider's stock valued at $200,709,000 after buying an additional 98,863 shares during the last quarter. Capital International Investors raised its stake in shares of Globant by 13.1% during the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider's stock valued at $364,723,000 after buying an additional 197,064 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Globant by 293.5% in the 1st quarter. Royal Bank of Canada now owns 999,955 shares of the information technology services provider's stock valued at $117,716,000 after buying an additional 745,848 shares during the period. Finally, Invesco Ltd. grew its holdings in Globant by 764.3% during the first quarter. Invesco Ltd. now owns 945,215 shares of the information technology services provider's stock worth $111,271,000 after acquiring an additional 835,859 shares during the period. 91.60% of the stock is owned by hedge funds and other 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.