Globant (NYSE:GLOB) Shares Gap Down After Earnings Miss

Globant S.A. (NYSE:GLOB) shares gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $210.17, but opened at $187.23. Globant shares last traded at $161.38, with a volume of 1,054,051 shares traded.

The information technology services provider reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.39). Globant had a return on equity of 11.65% and a net margin of 7.20%. The firm had revenue of $642.48 million during the quarter, compared to analyst estimates of $644.42 million.

Analysts Set New Price Targets

Several brokerages have issued reports on GLOB. Jefferies Financial Group increased their price target on Globant from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Tuesday, January 21st. Susquehanna assumed coverage on Globant in a research note on Tuesday, December 17th. They set a “positive” rating and a $255.00 target price for the company. Needham & Company LLC cut their price target on shares of Globant from $265.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday. Piper Sandler lowered their price objective on shares of Globant from $237.00 to $230.00 and set an “overweight” rating for the company in a research report on Friday. Finally, Scotiabank upped their target price on shares of Globant from $210.00 to $220.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 19th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Globant currently has a consensus rating of “Moderate Buy” and an average target price of $227.39.

Institutional Trading of Globant

Hedge funds and other institutional investors have recently modified their holdings of the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of Globant by 163.4% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 122,500 shares of the information technology services provider’s stock worth $26,266,000 after acquiring an additional 76,000 shares during the period. Vident Advisory LLC bought a new stake in Globant in the 4th quarter valued at $235,000. Teza Capital Management LLC bought a new stake in Globant in the 4th quarter valued at $8,650,000. Royal Bank of Canada grew its holdings in Globant by 15.4% in the 4th quarter. Royal Bank of Canada now owns 254,107 shares of the information technology services provider’s stock valued at $54,486,000 after buying an additional 33,921 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new position in Globant during the 4th quarter worth $171,000. Institutional investors own 91.60% of the company’s stock.

Globant Stock Down 24.0 %

The stock has a fifty day moving average price of $215.37 and a two-hundred day moving average price of $210.82. The company has a market cap of $6.88 billion, a price-to-earnings ratio of 41.91, a P/E/G ratio of 2.46 and a beta of 1.39.

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.