Globant (NYSE:GLOB) Reaches New 1-Year Low – Here’s Why

Shares of Globant S.A. (NYSE:GLOB) reached a new 52-week low during mid-day trading on Thursday . The stock traded as low as $52.88 and last traded at $53.5650, with a volume of 154965 shares changing hands. The stock had previously closed at $55.47.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GLOB shares. Needham & Company LLC dropped their target price on shares of Globant from $85.00 to $80.00 and set a “buy” rating on the stock in a report on Friday, November 14th. Wells Fargo & Company boosted their price objective on shares of Globant from $61.00 to $68.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 14th. UBS Group reissued a “neutral” rating and issued a $75.00 target price on shares of Globant in a report on Monday, January 19th. William Blair reaffirmed an “outperform” rating on shares of Globant in a report on Wednesday, December 31st. Finally, Canaccord Genuity Group cut their price target on Globant from $80.00 to $70.00 and set a “hold” rating on the stock in a report on Friday, November 14th. Six investment 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 MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $97.75.

Globant Stock Up 0.3%

The firm’s 50 day simple moving average is $65.65 and its 200 day simple moving average is $64.64. The company has a market cap of $2.18 billion, a price-to-earnings ratio of 22.37, a price-to-earnings-growth ratio of 5.40 and a beta of 1.19. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.16.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Thursday, November 13th. The information technology services provider reported $1.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.02). The business had revenue of $617.14 million during the quarter, compared to the consensus estimate of $615.32 million. Globant had a return on equity of 10.39% and a net margin of 4.01%.The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company earned $1.63 earnings per share. Sell-side analysts anticipate that Globant S.A. will post 5.73 EPS for the current fiscal year.

Hedge Funds Weigh In On Globant

Institutional investors and hedge funds have recently bought and sold shares of the stock. ARGA Investment Management LP raised its position in shares of Globant by 14,073.7% during the 3rd quarter. ARGA Investment Management LP now owns 2,057,594 shares of the information technology services provider’s stock worth $118,065,000 after buying an additional 2,043,077 shares in the last quarter. Invesco Ltd. raised its holdings in Globant by 199.1% during the second quarter. Invesco Ltd. now owns 2,827,155 shares of the information technology services provider’s stock worth $256,819,000 after purchasing an additional 1,881,940 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Globant by 6,875.8% during the second quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock worth $84,413,000 after purchasing an additional 915,924 shares in the last quarter. BNP Paribas Financial Markets lifted its position in Globant by 601.5% in the third quarter. BNP Paribas Financial Markets now owns 783,930 shares of the information technology services provider’s stock worth $44,982,000 after purchasing an additional 672,175 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Globant by 340.3% during the 4th quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock valued at $53,323,000 after purchasing an additional 630,440 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.

About Globant

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.