Globant (NYSE:GLOB) Reaches New 1-Year Low – Time to Sell?

Globant S.A. (NYSE:GLOB)’s stock price hit a new 52-week low during mid-day trading 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 Ratings Changes

A number of research firms recently commented on GLOB. JPMorgan Chase & Co. dropped their price objective on Globant from $75.00 to $68.00 and set a “neutral” rating for the company in a research report on Wednesday, February 18th. Wells Fargo & Company boosted their price objective on shares of Globant from $61.00 to $68.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 14th. Guggenheim reduced their price objective on shares of Globant from $80.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday. UBS Group reaffirmed a “neutral” rating and issued a $75.00 target price on shares of Globant in a research note on Monday, January 19th. Finally, William Blair reissued an “outperform” rating on shares of Globant in a research note on Wednesday, December 31st. Six research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $93.56.

Globant Stock Down 9.4%

The company has a debt-to-equity ratio of 0.16, a current ratio of 1.93 and a quick ratio of 1.93. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 18.78, a price-to-earnings-growth ratio of 5.02 and a beta of 1.19. The firm’s 50-day moving average is $63.06 and its 200 day moving average is $62.86.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ARGA Investment Management LP raised its holdings in shares of 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 purchasing an additional 2,043,077 shares during the period. Invesco Ltd. grew its holdings 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 purchasing an additional 1,881,940 shares during the period. Alliancebernstein L.P. increased its position in Globant by 6,875.8% during the 2nd quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock worth $84,413,000 after purchasing an additional 915,924 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in 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 buying an additional 672,175 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in Globant by 340.3% in the fourth quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock valued at $53,323,000 after buying an additional 630,440 shares during the period. Institutional investors and hedge funds 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.