Globant (NYSE:GLOB) Shares Gap Down - Should You Sell?

Globant S.A. (NYSE:GLOB - Get Free Report) shares gapped down prior to trading on Friday . The stock had previously closed at $228.79, but opened at $211.50. Globant shares last traded at $209.59, with a volume of 106,354 shares traded.

Analyst Upgrades and Downgrades

GLOB has been the subject of a number of research analyst reports. UBS Group reissued a "neutral" rating and issued a $235.00 price target (up from $225.00) on shares of Globant in a report on Tuesday, August 20th. Canaccord Genuity Group upped their price target on Globant from $175.00 to $205.00 and gave the company a "hold" rating in a report on Wednesday, August 21st. Piper Sandler reduced their price objective on Globant from $240.00 to $237.00 and set an "overweight" rating for the company in a research note on Friday. JPMorgan Chase & Co. boosted their target price on Globant from $237.00 to $248.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. Finally, Scotiabank lifted their price target on Globant from $200.00 to $210.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $228.50.

Globant Stock Down 11.2 %

The company's 50-day simple moving average is $208.82 and its 200 day simple moving average is $190.87. The stock has a market capitalization of $8.75 billion, a price-to-earnings ratio of 52.66, a P/E/G ratio of 2.91 and a beta of 1.39.

Globant (NYSE:GLOB - Get Free Report) last posted its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, topping the consensus estimate of $1.50 by $0.01. Globant had a return on equity of 11.68% and a net margin of 7.39%. The firm had revenue of $587.46 million during the quarter, compared to analyst estimates of $586.72 million. During the same period in the previous year, the company earned $1.04 EPS. The company's revenue for the quarter was up 18.1% on a year-over-year basis. On average, equities analysts expect that Globant S.A. will post 5.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Globant

A number of institutional investors have recently added to or reduced their stakes in GLOB. Quarry LP increased its position in shares of Globant by 529.6% during the second quarter. Quarry LP now owns 170 shares of the information technology services provider's stock valued at $30,000 after purchasing an additional 143 shares during the period. Ridgewood Investments LLC acquired a new position in Globant during the second quarter worth $31,000. BOKF NA grew its holdings in shares of Globant by 15,800.0% in the 1st quarter. BOKF NA now owns 159 shares of the information technology services provider's stock worth $32,000 after purchasing an additional 158 shares during the last quarter. ORG Partners LLC lifted its holdings in Globant by 65.5% during the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider's stock valued at $38,000 after purchasing an additional 76 shares during the last quarter. Finally, American National Bank & Trust increased its holdings in shares of Globant by 430.2% during the third quarter. American National Bank & Trust now owns 228 shares of the information technology services provider's stock worth $45,000 after buying an additional 185 shares in the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

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.