Globant (NYSE:GLOB) Reaches New 1-Year Low – Time to Sell?

Globant S.A. (NYSE:GLOB) shares reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $41.45 and last traded at $41.5120, with a volume of 1452573 shares traded. The stock had previously closed at $45.82.

Analysts Set New Price Targets

Several research firms recently weighed in on GLOB. Canaccord Genuity Group reduced their target price on shares of Globant from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Friday, November 14th. Truist Financial began coverage on Globant in a research report on Tuesday, January 6th. They issued a “hold” rating and a $72.00 price objective on the stock. Weiss Ratings restated a “sell (d+)” rating on shares of Globant in a research note on Monday, December 29th. Jefferies Financial Group downgraded Globant from a “buy” rating to a “hold” rating and decreased their target price for the stock from $80.00 to $61.00 in a research report on Thursday, November 20th. Finally, Needham & Company LLC dropped their target price on Globant from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, November 14th. Six equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $93.56.

Globant Trading Down 9.4%

The business’s 50-day simple moving average is $63.06 and its two-hundred day simple moving average is $62.86. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.83 billion, a PE ratio of 18.78, a PEG ratio of 5.02 and a beta of 1.19.

Hedge Funds Weigh In On Globant

A number of institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Globant during the first quarter worth approximately $447,000. Goldman Sachs Group Inc. raised its holdings in Globant by 69.3% in the first quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider’s stock valued at $8,739,000 after acquiring an additional 30,386 shares in the last quarter. CWM LLC boosted its stake in Globant by 30.1% during the 2nd quarter. CWM LLC now owns 636 shares of the information technology services provider’s stock valued at $58,000 after acquiring an additional 147 shares during the last quarter. State of New Jersey Common Pension Fund D grew its holdings in Globant by 9.7% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 32,970 shares of the information technology services provider’s stock worth $2,995,000 after acquiring an additional 2,903 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd increased its position in shares of Globant by 141.2% in the 2nd quarter. Y Intercept Hong Kong Ltd now owns 34,809 shares of the information technology services provider’s stock worth $3,162,000 after purchasing an additional 20,376 shares during the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

About Globant

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.