Globant (NYSE:GLOB) Shares Gap Down to $191.05

Shares of Globant S.A. (NYSE:GLOB - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $191.05, but opened at $179.54. Globant shares last traded at $175.97, with a volume of 183,995 shares traded.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on GLOB. JPMorgan Chase & Co. dropped their price target on shares of Globant from $273.00 to $257.00 and set an "overweight" rating on the stock in a research note on Thursday, May 2nd. Citigroup cut their price objective on Globant from $275.00 to $235.00 and set a "buy" rating for the company in a research report on Monday, April 22nd. HSBC lowered their price target on shares of Globant from $275.00 to $270.00 and set a "buy" rating on the stock in a research note on Wednesday, April 3rd. Canaccord Genuity Group restated a "hold" rating and set a $230.00 target price on shares of Globant in a research report on Tuesday, February 20th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $250.00 price objective on shares of Globant in a research note on Friday, February 16th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $244.35.

Globant Price Performance

The stock has a 50-day simple moving average of $197.94 and a 200-day simple moving average of $211.78. The stock has a market cap of $7.46 billion, a PE ratio of 48.26, a P/E/G ratio of 1.40 and a beta of 1.35.

Globant (NYSE:GLOB - Get Free Report) last posted its quarterly earnings results on Thursday, February 15th. The information technology services provider reported $1.26 EPS for the quarter, missing the consensus estimate of $1.34 by ($0.08). The business had revenue of $580.71 million during the quarter, compared to analysts' expectations of $579.70 million. Globant had a net margin of 7.56% and a return on equity of 11.38%. As a group, equities research analysts anticipate that Globant S.A. will post 5.03 EPS for the current year.

Institutional Investors Weigh In On Globant

Several institutional investors and hedge funds have recently modified their holdings of GLOB. Benjamin F. Edwards & Company Inc. purchased a new position in Globant in the 4th quarter worth approximately $490,000. Trust Point Inc. acquired a new stake in shares of Globant during the fourth quarter worth approximately $1,741,000. DekaBank Deutsche Girozentrale increased its stake in shares of Globant by 146.4% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 45,190 shares of the information technology services provider's stock worth $10,734,000 after buying an additional 26,850 shares during the last quarter. New York Life Investment Management LLC boosted its stake in Globant by 112.6% during the 3rd quarter. New York Life Investment Management LLC now owns 4,411 shares of the information technology services provider's stock valued at $873,000 after acquiring an additional 2,336 shares during the last quarter. Finally, Deutsche Bank AG grew its holdings in Globant by 1.2% during the 3rd quarter. Deutsche Bank AG now owns 138,062 shares of the information technology services provider's stock worth $27,316,000 after acquiring an additional 1,584 shares in the last quarter. Hedge funds and other 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.