Globant (NYSE:GLOB) Hits New 12-Month Low After Analyst Downgrade

Globant S.A. (NYSE:GLOB) shares reached a new 52-week low during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $75.00 to $68.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Globant traded as low as $47.61 and last traded at $48.40, with a volume of 1627041 shares traded. The stock had previously closed at $49.40.

Other equities analysts have also recently issued research reports about the company. Jefferies Financial Group cut Globant from a “buy” rating to a “hold” rating and decreased their price objective for the company from $80.00 to $61.00 in a research note on Thursday, November 20th. UBS Group reissued a “neutral” rating and issued a $75.00 price objective on shares of Globant in a research report on Monday, January 19th. William Blair reiterated an “outperform” rating on shares of Globant in a research note on Wednesday, December 31st. Truist Financial initiated coverage on Globant in a research note on Tuesday, January 6th. They issued a “hold” rating and a $72.00 price target on the stock. Finally, Needham & Company LLC decreased their price target on Globant from $85.00 to $80.00 and set a “buy” rating for the company in a report on Friday, November 14th. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Globant has an average rating of “Hold” and an average price target of $97.31.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP grew its position in shares of Globant by 214.1% during the second quarter. Allworth Financial LP now owns 289 shares of the information technology services provider’s stock worth $26,000 after acquiring an additional 197 shares during the last quarter. Geneos Wealth Management Inc. boosted its stake in Globant by 352.0% during the 3rd quarter. Geneos Wealth Management Inc. now owns 452 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 352 shares during the period. Signaturefd LLC boosted its stake in Globant by 65.1% during the 4th quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 190 shares during the period. Larson Financial Group LLC grew its position in Globant by 561.2% during the 4th quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock worth $45,000 after purchasing an additional 578 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Globant by 34.3% in the fourth quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock valued at $47,000 after purchasing an additional 182 shares during the period. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Trading Down 0.0%

The business’s 50 day simple moving average is $63.57 and its 200 day simple moving average is $63.34. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.93 and a quick ratio of 1.93. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 9.28, a price-to-earnings-growth ratio of 5.02 and a beta of 1.19.

Globant Company Profile

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant’s service offerings span strategy consulting, custom software engineering, digital experience design and managed services.