Globant (NYSE:GLOB) Hits New 1-Year Low – What’s Next?

Globant S.A. (NYSE:GLOB)’s share price hit a new 52-week low during mid-day trading on Thursday . The company traded as low as $27.83 and last traded at $28.6060, with a volume of 262484 shares traded. The stock had previously closed at $29.12.

Analyst Ratings Changes

A number of brokerages recently weighed in on GLOB. Susquehanna dropped their price target on Globant from $90.00 to $78.00 and set a “positive” rating on the stock in a research note on Friday, May 15th. Wedbush reiterated an “outperform” rating on shares of Globant in a report on Monday, May 18th. Truist Financial dropped their target price on shares of Globant from $54.00 to $44.00 and set a “hold” rating on the stock in a research report on Friday, May 15th. Needham & Company LLC cut their price target on shares of Globant from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, May 15th. Finally, UBS Group reduced their price target on shares of Globant from $75.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, May 5th. Eight equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Globant has a consensus rating of “Hold” and an average target price of $64.81.

Globant Trading Up 8.2%

The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 1.01 and a beta of 1.02. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.16. The business has a 50-day moving average of $38.91 and a 200-day moving average of $50.57.

Globant (NYSE:GLOB) last issued its earnings results on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, meeting analysts’ consensus estimates of $1.50. The firm had revenue of $607.09 million for the quarter, compared to the consensus estimate of $601.65 million. Globant had a return on equity of 9.87% and a net margin of 4.46%.The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.50 earnings per share. As a group, research analysts forecast that Globant S.A. will post 4.94 earnings per share for the current year.

Globant announced that its board has initiated a stock repurchase plan on Monday, May 18th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the information technology services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Globant

Several institutional investors have recently bought and sold shares of GLOB. Signaturefd LLC boosted its stake in shares of 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 acquiring an additional 190 shares in the last quarter. Allworth Financial LP lifted its holdings in Globant by 473.3% in the 4th quarter. Allworth Financial LP now owns 493 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 407 shares during the last quarter. Larson Financial Group LLC lifted its holdings in Globant by 561.2% in 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. GAMMA Investing LLC boosted its position in Globant by 34.3% during the fourth quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock worth $47,000 after purchasing an additional 182 shares during the period. Finally, MidFirst Bank bought a new stake in Globant during the fourth quarter worth approximately $47,000. 91.60% of the stock is currently owned by institutional investors.

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.