Globant (NYSE:GLOB) Reaches New 1-Year Low - Here's What Happened

Globant S.A. (NYSE:GLOB - Get Free Report)'s share price hit a new 52-week low during trading on Thursday . The company traded as low as $114.00 and last traded at $118.10, with a volume of 708489 shares. The stock had previously closed at $115.98.

Analysts Set New Price Targets

Several analysts have issued reports on GLOB shares. JPMorgan Chase & Co. cut their price target on Globant from $248.00 to $242.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Scotiabank cut their price objective on Globant from $220.00 to $170.00 and set a "sector perform" rating for the company in a research note on Monday, February 24th. Needham & Company LLC reissued a "buy" rating and issued a $220.00 target price on shares of Globant in a report on Wednesday, March 12th. Jefferies Financial Group lifted their price target on shares of Globant from $240.00 to $255.00 and gave the company a "buy" rating in a report on Tuesday, January 21st. Finally, Piper Sandler reduced their price objective on shares of Globant from $237.00 to $230.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $216.56.

Globant Trading Up 1.8 %

The firm has a market cap of $4.51 billion, a P/E ratio of 27.52, a P/E/G ratio of 2.38 and a beta of 1.50. The stock has a 50 day simple moving average of $162.80 and a 200-day simple moving average of $196.80.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. GQG Partners LLC purchased a new stake in Globant during the fourth quarter valued at approximately $84,906,000. Canada Pension Plan Investment Board purchased a new stake in Globant during the 4th quarter valued at $60,913,000. JPMorgan Chase & Co. lifted its position in Globant by 8.6% in the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider's stock worth $551,506,000 after buying an additional 203,472 shares during the last quarter. Capital International Investors boosted its stake in Globant by 13.1% during the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider's stock worth $364,723,000 after buying an additional 197,064 shares during the period. Finally, abrdn plc boosted its stake in Globant by 36.7% during the fourth quarter. abrdn plc now owns 470,150 shares of the information technology services provider's stock worth $101,564,000 after buying an additional 126,333 shares during the period. 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.