Globant (NYSE:GLOB) Sets New 1-Year Low – Time to Sell?

Globant S.A. (NYSE:GLOB) 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 changing hands. The stock had previously closed at $115.98.

Analyst Ratings Changes

Several research firms have recently weighed in on GLOB. Jefferies Financial Group raised their price target on shares of Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price target on shares of Globant in a report on Wednesday, March 12th. Canaccord Genuity Group lowered their price objective on Globant from $205.00 to $165.00 and set a “hold” rating on the stock in a research note on Monday, February 24th. Redburn Atlantic raised Globant from a “sell” rating to a “neutral” rating and raised their target price for the stock from $140.00 to $150.00 in a research note on Tuesday, February 25th. Finally, StockNews.com cut shares of Globant from a “hold” rating to a “sell” rating in a research report on Saturday, March 29th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $216.56.

Globant Price Performance

The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 2.38 and a beta of 1.47. The stock has a 50 day moving average price of $164.90 and a two-hundred day moving average price of $197.37.

Globant (NYSE:GLOB) last announced 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). The firm had revenue of $642.48 million for the quarter, compared to analysts’ expectations of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. As a group, research analysts expect that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Globant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Centricity Wealth Management LLC purchased a new position in Globant in the fourth quarter valued at $38,000. Kestra Investment Management LLC acquired a new stake in Globant in the 4th quarter valued at about $38,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Globant in the 3rd quarter valued at about $40,000. Van Berkom & Associates Inc. acquired a new position in shares of Globant during the fourth quarter worth about $45,000. Finally, Promus Capital LLC purchased a new stake in shares of Globant during the fourth quarter worth approximately $64,000. Hedge funds and other 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.