Globant (NYSE:GLOB) Sets New 1-Year Low – Here’s What Happened

Globant S.A. (NYSE:GLOB) reached a new 52-week low on Tuesday . The stock traded as low as $41.45 and last traded at $41.5120, with a volume of 1452573 shares changing hands. The stock had previously closed at $45.82.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Globant in a research note on Monday, December 29th. UBS Group reaffirmed a “neutral” rating and set a $75.00 price objective on shares of Globant in a research report on Monday, January 19th. Wells Fargo & Company boosted their target price on Globant from $61.00 to $68.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 14th. Guggenheim reduced their price target on Globant from $80.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Jefferies Financial Group lowered shares of Globant from a “buy” rating to a “hold” rating and cut their target price for the stock from $80.00 to $61.00 in a research note on Thursday, November 20th. Six equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $89.80.

Globant Price Performance

The stock’s 50-day moving average is $62.14 and its 200 day moving average is $62.51. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.93 and a current ratio of 1.93. The stock has a market capitalization of $2.02 billion, a PE ratio of 20.42, a P/E/G ratio of 4.64 and a beta of 1.19.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. CWM LLC lifted its stake in Globant by 30.1% in the second quarter. CWM LLC now owns 636 shares of the information technology services provider’s stock valued at $58,000 after buying an additional 147 shares during the last quarter. Baker Avenue Asset Management LP increased its holdings in shares of Globant by 2.0% in the 2nd quarter. Baker Avenue Asset Management LP now owns 8,010 shares of the information technology services provider’s stock valued at $728,000 after acquiring an additional 156 shares during the period. GAMMA Investing LLC raised its position in Globant by 34.3% in 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 last quarter. Signaturefd LLC boosted its stake in 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 purchasing an additional 190 shares during the period. Finally, Allworth Financial LP grew its position in Globant by 214.1% during the 2nd quarter. Allworth Financial LP now owns 289 shares of the information technology services provider’s stock worth $26,000 after purchasing an additional 197 shares during the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

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.