Globant (NYSE:GLOB) Reaches New 1-Year Low on 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 changing hands. The stock had previously closed at $49.40.

Several other research analysts have also recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Globant from $61.00 to $68.00 and gave the company an “equal weight” rating in a report on Wednesday, January 14th. William Blair reaffirmed an “outperform” rating on shares of Globant in a research report on Wednesday, December 31st. Jefferies Financial Group cut Globant from a “buy” rating to a “hold” rating and dropped their price target for the stock from $80.00 to $61.00 in a report on Thursday, November 20th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Globant in a report on Monday, December 29th. Finally, Canaccord Genuity Group lowered their price objective on Globant from $80.00 to $70.00 and set a “hold” rating on the stock in a research report on Friday, November 14th. Six research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $97.31.

Institutional Trading of Globant

Institutional investors have recently bought and sold shares of the company. ARGA Investment Management LP boosted its holdings in Globant by 14,073.7% in 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 during the period. Invesco Ltd. lifted its position in shares of 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 acquiring an additional 1,881,940 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in shares of Globant by 6,875.8% in the second quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock worth $84,413,000 after acquiring an additional 915,924 shares during the period. BNP Paribas Financial Markets grew its position in shares of 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 valued at $44,982,000 after purchasing an additional 672,175 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of 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 during the period. Institutional investors own 91.60% of the company’s stock.

Globant Price Performance

The business has a fifty day moving average of $63.57 and a 200-day moving average of $63.34. The company has a current ratio of 1.93, a quick ratio of 1.93 and a debt-to-equity ratio of 0.16. The firm has a market cap of $2.02 billion, a PE ratio of 20.73, a PEG 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.