Globant (NYSE:GLOB) Sets New 52-Week Low – Here’s Why

Globant S.A. (NYSE:GLOB)’s share price hit a new 52-week low during trading on Thursday . The stock traded as low as $77.74 and last traded at $78.70, with a volume of 1569852 shares. The stock had previously closed at $79.62.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. The Goldman Sachs Group downgraded Globant from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $225.00 to $120.00 in a research note on Friday, May 16th. Wall Street Zen upgraded Globant from a “sell” rating to a “hold” rating in a report on Monday, May 19th. Needham & Company LLC cut their price target on Globant from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Friday, May 16th. Deutsche Bank Aktiengesellschaft initiated coverage on Globant in a report on Thursday, July 17th. They issued a “hold” rating and a $87.00 price target on the stock. Finally, Mizuho set a $153.00 price target on Globant and gave the company an “outperform” rating in a report on Monday, May 19th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, Globant has a consensus rating of “Moderate Buy” and an average price target of $165.69.

Globant Trading Down 4.4%

The company has a debt-to-equity ratio of 0.13, a current ratio of 1.56 and a quick ratio of 1.56. The business has a 50-day moving average of $89.89 and a 200-day moving average of $124.56. The firm has a market cap of $3.28 billion, a price-to-earnings ratio of 22.05, a P/E/G ratio of 3.20 and a beta of 1.16.

Globant (NYSE:GLOB) last released its earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). The company had revenue of $611.09 million during the quarter, compared to analyst estimates of $622.18 million. Globant had a net margin of 6.16% and a return on equity of 11.08%. Globant’s revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.53 EPS. Research analysts anticipate that Globant S.A. will post 5.73 EPS for the current year.

Hedge Funds Weigh In On Globant

Institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. increased its position in Globant by 6.8% during the first quarter. Principal Financial Group Inc. now owns 134,798 shares of the information technology services provider’s stock worth $15,868,000 after buying an additional 8,599 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Globant by 15.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,493 shares of the information technology services provider’s stock worth $2,648,000 after buying an additional 2,967 shares during the last quarter. Cetera Investment Advisers increased its position in Globant by 23.7% during the first quarter. Cetera Investment Advisers now owns 24,926 shares of the information technology services provider’s stock worth $2,934,000 after buying an additional 4,774 shares during the last quarter. Stephens Investment Management Group LLC increased its position in Globant by 1.4% during the first quarter. Stephens Investment Management Group LLC now owns 291,410 shares of the information technology services provider’s stock worth $34,305,000 after buying an additional 3,943 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in Globant during the first quarter worth approximately $346,000. Institutional investors and hedge funds 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.