Globant (NYSE:GLOB) Reaches New 52-Week Low – Here’s What Happened

Globant S.A. (NYSE:GLOB) shares reached a new 52-week low during trading on Thursday . The stock traded as low as $124.53 and last traded at $127.06, with a volume of 108999 shares traded. The stock had previously closed at $133.82.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GLOB shares. Jefferies Financial Group raised their target price on shares of Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. UBS Group dropped their price objective on shares of Globant from $217.00 to $190.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. StockNews.com upgraded shares of Globant from a “sell” rating to a “hold” rating in a research note on Sunday, November 24th. Needham & Company LLC reissued a “buy” rating and set a $220.00 price target on shares of Globant in a report on Wednesday, March 12th. Finally, Susquehanna began coverage on Globant in a research note on Tuesday, December 17th. They set a “positive” rating and a $255.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $219.71.

Globant Stock Performance

The stock’s 50-day moving average price is $186.43 and its 200-day moving average price is $203.86. The company has a market capitalization of $5.59 billion, a price-to-earnings ratio of 34.12, a P/E/G ratio of 2.38 and a beta of 1.47.

Globant (NYSE:GLOB) last issued its quarterly earnings data 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). The firm had revenue of $642.48 million for the quarter, compared to analyst estimates of $644.42 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. Analysts anticipate that Globant S.A. will post 5.73 earnings per share for the current year.

Hedge Funds Weigh In On Globant

Hedge funds have recently added to or reduced their stakes in the business. M&T Bank Corp grew its position in shares of Globant by 3.8% in the third quarter. M&T Bank Corp now owns 1,641 shares of the information technology services provider’s stock valued at $326,000 after purchasing an additional 60 shares during the last quarter. Franklin Resources Inc. lifted its stake in Globant by 0.6% in the 3rd quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider’s stock valued at $2,704,000 after buying an additional 71 shares in the last quarter. Congress Wealth Management LLC DE grew its holdings in Globant by 2.9% during the 4th 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 last quarter. Treasurer of the State of North Carolina increased its position in Globant by 0.6% during 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 holdings in shares of 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 acquiring an additional 118 shares during the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

About Globant

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.