Globant (NYSE:GLOB) Hits New 52-Week Low - Here's Why

Globant S.A. (NYSE:GLOB - Get Free Report)'s stock price reached a new 52-week low on Thursday . The stock traded as low as $129.19 and last traded at $129.99, with a volume of 398741 shares changing hands. The stock had previously closed at $132.35.

Analyst Ratings Changes

GLOB has been the subject of several research reports. StockNews.com raised Globant from a "sell" rating to a "hold" rating in a report on Sunday, November 24th. JPMorgan Chase & Co. dropped their target price on Globant from $248.00 to $242.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Susquehanna assumed coverage on Globant in a report on Tuesday, December 17th. They set a "positive" rating and a $255.00 target price for the company. UBS Group dropped their target price on Globant from $217.00 to $190.00 and set a "neutral" rating for the company in a report on Wednesday, February 26th. Finally, Scotiabank dropped their target price on Globant from $220.00 to $170.00 and set a "sector perform" rating for the company in a report on Monday, February 24th. Six research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $221.39.

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Globant Stock Up 0.6 %

The company has a 50 day simple moving average of $191.29 and a 200-day simple moving average of $205.27. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of 36.23, a price-to-earnings-growth ratio of 2.38 and a beta of 1.47.

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

Institutional Investors Weigh In On Globant

Several institutional investors have recently bought and sold shares of GLOB. Centricity Wealth Management LLC bought a new position in Globant in the 4th quarter valued at $38,000. Kestra Investment Management LLC bought a new position in Globant in the 4th quarter valued at $38,000. Wilmington Savings Fund Society FSB bought a new position in shares of Globant during the 3rd quarter worth $40,000. Van Berkom & Associates Inc. bought a new position in shares of Globant during the 4th quarter worth $45,000. Finally, Promus Capital LLC bought a new position in shares of Globant during the 4th quarter worth $64,000. 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.