Globant (NYSE:GLOB) Sets New 52-Week Low - What's Next?

Shares of Globant S.A. (NYSE:GLOB - Get Free Report) hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $124.53 and last traded at $127.06, with a volume of 108999 shares trading hands. The stock had previously closed at $133.82.

Wall Street Analyst Weigh In

GLOB has been the topic of a number of recent research reports. Scotiabank decreased their target price on Globant from $220.00 to $170.00 and set a "sector perform" rating on the stock in a report on Monday, February 24th. Redburn Atlantic raised Globant from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $140.00 to $150.00 in a research report on Tuesday, February 25th. StockNews.com raised shares of Globant from a "sell" rating to a "hold" rating in a report on Sunday, November 24th. Jefferies Financial Group lifted their target price on shares of Globant from $240.00 to $255.00 and gave the company a "buy" rating in a research note on Tuesday, January 21st. Finally, Needham & Company LLC restated a "buy" rating and set a $220.00 target price on shares of Globant in a research report on Wednesday, March 12th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Globant has a consensus rating of "Moderate Buy" and an average price target of $219.71.

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Globant Price Performance

The firm has a 50-day moving average price of $183.20 and a two-hundred day moving average price of $202.92. The firm has a market capitalization of $5.74 billion, a P/E ratio of 35.05, a P/E/G ratio of 2.38 and a beta of 1.47.

Globant (NYSE:GLOB - Get Free Report) last issued its earnings results on Thursday, February 20th. The information technology services provider reported $1.36 EPS for the quarter, missing analysts' consensus estimates of $1.75 by ($0.39). Globant had a return on equity of 11.83% and a net margin of 6.86%. The company had revenue of $642.48 million during the quarter, compared to the consensus estimate of $644.42 million. Sell-side analysts predict that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

Hedge funds have recently made changes to their positions in the company. M&T Bank Corp grew its holdings in Globant by 3.8% during the 3rd quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider's stock worth $326,000 after acquiring an additional 60 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Globant by 0.6% during the third quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider's stock valued at $2,704,000 after purchasing an additional 71 shares in the last quarter. Congress Wealth Management LLC DE increased its holdings in Globant by 2.9% during the fourth quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider's stock valued at $575,000 after buying an additional 76 shares during the period. Treasurer of the State of North Carolina raised its stake in Globant by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 18,490 shares of the information technology services provider's stock worth $3,965,000 after buying an additional 110 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Globant by 2.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,813 shares of the information technology services provider's stock worth $1,032,000 after buying an additional 118 shares in the last quarter. 91.60% of the stock is currently 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.