Globant (NYSE:GLOB) Stock Price Down 6.6% – Here’s Why
by Amy Steele · The Cerbat GemShares of Globant S.A. (NYSE:GLOB – Get Free Report) fell 6.6% on Tuesday . The stock traded as low as $63.71 and last traded at $63.70. 866,927 shares traded hands during trading, a decline of 15% from the average session volume of 1,018,076 shares. The stock had previously closed at $68.20.
Analyst Ratings Changes
Several equities research analysts have weighed in on the company. Wells Fargo & Company raised their price target on Globant from $61.00 to $68.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 14th. The Goldman Sachs Group decreased their price objective on shares of Globant from $105.00 to $90.00 and set a “neutral” rating for the company in a research report on Thursday, October 9th. UBS Group reiterated a “neutral” rating and issued a $75.00 target price on shares of Globant in a research note on Monday. Citigroup raised shares of Globant to a “hold” rating in a research report on Thursday, October 23rd. Finally, Truist Financial started coverage on shares of Globant in a report on Tuesday, January 6th. They issued a “hold” rating and a $72.00 price target for the company. Six investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $97.75.
Read Our Latest Report on Globant
Globant Stock Performance
The firm’s 50 day simple moving average is $66.05 and its 200 day simple moving average is $67.78. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of 28.47, a PEG ratio of 6.29 and a beta of 1.21. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.93 and a current ratio of 1.93.
Globant (NYSE:GLOB – Get Free Report) last issued its earnings results on Thursday, November 13th. The information technology services provider reported $1.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.55 by ($0.02). Globant had a return on equity of 10.39% and a net margin of 4.01%.The business had revenue of $617.14 million for the quarter, compared to analysts’ expectations of $615.32 million. During the same period last year, the business earned $1.63 EPS. The company’s revenue for the quarter was up .4% on a year-over-year basis. Globant has set its FY 2025 guidance at 6.120- EPS and its Q4 2025 guidance at 1.530- EPS. Sell-side analysts forecast that Globant S.A. will post 5.73 earnings per share for the current fiscal year.
Globant announced that its Board of Directors has approved a share repurchase program on Wednesday, October 1st that authorizes the company to repurchase $125.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to buy up to 5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the stock. Allworth Financial LP grew its stake in shares of 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 period. Geneos Wealth Management Inc. boosted its holdings in Globant by 352.0% during the third quarter. Geneos Wealth Management Inc. now owns 452 shares of the information technology services provider’s stock worth $26,000 after buying an additional 352 shares in the last quarter. Signaturefd LLC grew its position in Globant by 65.1% during the fourth quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock valued at $32,000 after buying an additional 190 shares during the period. GAMMA Investing LLC increased its holdings in Globant by 34.3% in the fourth quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock valued at $47,000 after buying an additional 182 shares in the last quarter. Finally, SJS Investment Consulting Inc. raised its position in shares of Globant by 27,766.7% in the third quarter. SJS Investment Consulting Inc. now owns 836 shares of the information technology services provider’s stock worth $48,000 after acquiring an additional 833 shares during the period. 91.60% of the stock is owned by institutional investors and hedge funds.
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.