Globant (NYSE:GLOB) Shares Gap Down After Analyst Downgrade

Globant S.A. (NYSE:GLOB - Get Free Report)'s share price gapped down prior to trading on Friday after Citigroup lowered their price target on the stock from $235.00 to $215.00. The stock had previously closed at $177.73, but opened at $166.50. Citigroup currently has a buy rating on the stock. Globant shares last traded at $168.25, with a volume of 383,911 shares changing hands.

Other equities research analysts also recently issued reports about the stock. Piper Sandler reaffirmed an "overweight" rating and set a $238.00 target price (down from $290.00) on shares of Globant in a research note on Friday. UBS Group increased their price objective on Globant from $230.00 to $240.00 and gave the company a "neutral" rating in a research note on Monday, February 26th. Guggenheim assumed coverage on Globant in a research note on Tuesday, March 19th. They set a "buy" rating and a $250.00 target price for the company. Canaccord Genuity Group reduced their price target on Globant from $230.00 to $175.00 and set a "hold" rating on the stock in a research report on Friday. Finally, JPMorgan Chase & Co. decreased their price objective on Globant from $273.00 to $257.00 and set an "overweight" rating for the company in a research note on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $225.00.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Jennison Associates LLC grew its position in shares of Globant by 289.5% during the fourth quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider's stock worth $228,659,000 after acquiring an additional 714,162 shares during the last quarter. Norges Bank acquired a new position in Globant in the fourth quarter valued at $114,922,000. Invesco Ltd. raised its holdings in shares of Globant by 155.2% in the third quarter. Invesco Ltd. now owns 611,061 shares of the information technology services provider's stock valued at $120,898,000 after buying an additional 371,628 shares during the last quarter. Wasatch Advisors LP grew its holdings in shares of Globant by 6.8% during the first quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider's stock worth $673,693,000 after buying an additional 213,049 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Globant by 36.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 705,090 shares of the information technology services provider's stock worth $167,797,000 after buying an additional 189,204 shares during the last quarter. Institutional investors and hedge funds own 91.60% of the company's stock.

Globant Stock Down 5.6 %

The stock has a fifty day moving average of $193.03 and a 200-day moving average of $211.59. The stock has a market cap of $7.23 billion, a PE ratio of 46.12, a price-to-earnings-growth ratio of 1.35 and a beta of 1.35.

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

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.