Globant (NYSE:GLOB) Shares Down 4.7% – Here’s Why

Globant S.A. (NYSE:GLOB) shares dropped 4.7% during trading on Wednesday. The stock traded as low as $46.50 and last traded at $46.5120. 56,541 shares changed hands during trading, a decline of 96% from the average daily volume of 1,533,234 shares. The stock had previously closed at $48.81.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Truist Financial cut their target price on Globant from $44.00 to $38.00 and set a “hold” rating for the company in a research note on Friday, August 14th. The Goldman Sachs Group reduced their target price on Globant from $60.00 to $52.00 and set a “neutral” rating on the stock in a report on Friday, August 14th. Mizuho decreased their price target on Globant from $59.00 to $51.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 6th. Canaccord Genuity Group set a $35.00 price target on Globant in a report on Friday, August 14th. Finally, Citigroup upped their price objective on Globant from $37.00 to $46.00 and gave the stock a “neutral” rating in a research report on Monday, October 26th. Four research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Globant presently has a consensus rating of “Hold” and an average price target of $45.75.

Globant Stock Down 1.2%

The firm’s fifty day moving average is $40.05 and its 200-day moving average is $41.49. The company has a market capitalization of $2.01 billion, a P/E ratio of 10.07, a price-to-earnings-growth ratio of 5.89 and a beta of 0.86. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.84 and a current ratio of 1.84.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Thursday, August 13th. The information technology services provider reported $1.40 EPS for the quarter, missing the consensus estimate of $1.50 by ($0.10). The company had revenue of $614.42 million during the quarter, compared to the consensus estimate of $612.86 million. Globant had a net margin of 4.63% and a return on equity of 9.28%. Globant’s revenue for the quarter was up .0% on a year-over-year basis. During the same period in the previous year, the company earned $1.53 EPS. As a group, equities research analysts predict that Globant S.A. will post 4.57 EPS for the current year.

Insider Transactions at Globant

In other news, CRO Fernando Matzkin sold 2,500 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $40.00, for a total value of $100,000.00. Following the completion of the transaction, the executive directly owned 71,608 shares in the company, valued at approximately $2,864,320. This represents a 3.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Diego Tartara sold 6,000 shares of the firm’s stock in a transaction on Friday, August 28th. The shares were sold at an average price of $40.45, for a total value of $242,700.00. Following the sale, the chief technology officer directly owned 72,320 shares in the company, valued at approximately $2,925,344. This trade represents a 7.66% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 14,500 shares of company stock worth $585,400. Corporate insiders own 2.67% of the company’s stock.

Hedge Funds Weigh In On Globant

Several large investors have recently bought and sold shares of GLOB. Benjamin Edwards Inc. bought a new stake in shares of Globant during the third quarter worth about $763,000. Advisors Asset Management Inc. acquired a new position in shares of Globant in the third quarter valued at approximately $101,000. Westwood Global Investments LLC raised its holdings in Globant by 4.7% in the 3rd quarter. Westwood Global Investments LLC now owns 215,705 shares of the information technology services provider’s stock valued at $7,485,000 after buying an additional 9,691 shares during the last quarter. Private Advisor Group LLC bought a new position in Globant in the 3rd quarter valued at approximately $279,000. Finally, Public Sector Pension Investment Board bought a new position in Globant in the 3rd quarter valued at approximately $1,692,000. 91.60% of the stock is currently owned by institutional investors.

Globant Company Profile

Globant is a technology services company that helps businesses design, build and manage digital products and platforms. Its offerings include software and product engineering, digital experience design, cloud services, data and artificial intelligence solutions, and technology consulting. Founded in Argentina in 2003, Globant serves clients across multiple industries and operates in markets around the world. The company organizes much of its work through specialized “Studios” focused on areas such as digital transformation and emerging technologies.