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

Shares of Globant S.A. (NYSE:GLOB) gapped down before the market opened 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.

A number of other research firms also recently commented on GLOB. Needham & Company LLC decreased their price target on Globant from $85.00 to $80.00 and set a “buy” rating for the company in a research note on Friday, November 14th. Truist Financial began coverage on shares of Globant in a research note on Tuesday, January 6th. They set a “hold” rating and a $72.00 target price for the company. Canaccord Genuity Group decreased their price target on Globant from $80.00 to $70.00 and set a “hold” rating for the company in a research note on Friday, November 14th. William Blair reiterated an “outperform” rating on shares of Globant in a report on Wednesday, December 31st. Finally, Wells Fargo & Company lifted their target price on Globant from $61.00 to $68.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 14th. Six research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $97.31.

Institutional Investors Weigh In On Globant

A number of hedge funds have recently made changes to their positions in the company. ARGA Investment Management LP raised its stake in shares of Globant by 14,073.7% in the third quarter. ARGA Investment Management LP now owns 2,057,594 shares of the information technology services provider’s stock worth $118,065,000 after acquiring an additional 2,043,077 shares during the last quarter. Invesco Ltd. grew its stake in shares of Globant by 199.1% during the 2nd 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. increased its stake in Globant by 6,875.8% in the 2nd quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock valued at $84,413,000 after buying an additional 915,924 shares during the last quarter. BNP Paribas Financial Markets raised its holdings in Globant by 601.5% during 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 acquiring 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 worth $53,323,000 after purchasing an additional 630,440 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Trading Down 7.6%

The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 20.68, a PEG ratio of 5.42 and a beta of 1.19. The business’s 50 day simple moving average is $64.01 and its 200 day simple moving average is $63.59.

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.