Globant (NYSE:GLOB) Shares Gap Down After Analyst Downgrade

Globant S.A. (NYSE:GLOB) gapped down prior to trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $75.00 to $68.00. The stock had previously closed at $49.46, but opened at $45.34. JPMorgan Chase & Co. currently has a neutral rating on the stock. Globant shares last traded at $46.1950, with a volume of 408,796 shares traded.

Several other equities research analysts have also weighed in on GLOB. UBS Group reaffirmed a “neutral” rating and issued a $75.00 target price on shares of Globant in a research report on Monday, January 19th. Truist Financial began coverage on Globant in a report on Tuesday, January 6th. They set a “hold” rating and a $72.00 target price on the stock. Citigroup raised Globant to a “hold” rating in a research note on Thursday, October 23rd. Jefferies Financial Group cut shares of 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 research report on Thursday, November 20th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Globant in a report on Monday, December 29th. Six investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $97.31.

Institutional Trading of Globant

Institutional investors and hedge funds have recently bought and sold shares of the stock. Allworth Financial LP boosted its holdings in shares of Globant by 214.1% in the second quarter. Allworth Financial LP now owns 289 shares of the information technology services provider’s stock worth $26,000 after buying an additional 197 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Globant by 352.0% in the 3rd quarter. Geneos Wealth Management Inc. now owns 452 shares of the information technology services provider’s stock valued at $26,000 after acquiring an additional 352 shares in the last quarter. Signaturefd LLC lifted its position in shares of Globant by 65.1% in the 4th quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock valued at $32,000 after acquiring an additional 190 shares in the last quarter. 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 in the last quarter. Finally, GAMMA Investing LLC raised its stake in Globant by 34.3% during the 4th 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 Stock Performance

The firm’s 50 day simple moving average is $64.46 and its 200-day simple moving average is $63.72. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 20.59, a P/E/G ratio of 5.31 and a beta of 1.19. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.93 and a current ratio of 1.93.

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.