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

Globant S.A. (NYSE:GLOB)’s share price 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 trading hands.

Several other analysts have also issued reports on GLOB. Needham & Company LLC lowered their price target on shares of Globant from $85.00 to $80.00 and set a “buy” rating on the stock in a research report on Friday, November 14th. Jefferies Financial Group cut shares of Globant from a “buy” rating to a “hold” rating and lowered their target price for the company from $80.00 to $61.00 in a report on Thursday, November 20th. UBS Group reaffirmed a “neutral” rating and issued a $75.00 price target on shares of Globant in a report on Monday, January 19th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Globant in a research report on Monday, December 29th. Finally, Wells Fargo & Company increased their price objective 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 given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $97.31.

Institutional Trading of Globant

A number of large investors have recently modified their holdings of GLOB. Allworth Financial LP increased its position in shares of Globant by 214.1% in the second 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. Geneos Wealth Management Inc. grew its stake in Globant by 352.0% in the 3rd 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 stake in Globant by 65.1% in the 4th quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock worth $32,000 after buying an additional 190 shares in the last quarter. Larson Financial Group LLC increased its holdings in shares of Globant by 561.2% in the 4th quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock worth $45,000 after buying an additional 578 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in shares of Globant by 34.3% during the 4th 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. Institutional investors own 91.60% of the company’s stock.

Globant Stock Performance

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 cap of $2.02 billion, a PE ratio of 20.73, a PEG ratio of 5.02 and a beta of 1.19. The company’s 50-day moving average price is $63.57 and its two-hundred day moving average price is $63.34.

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.