Globant (NYSE:GLOB) Shares Gap Down – Time to Sell?

Globant S.A. (NYSE:GLOB) shares gapped down prior to trading on Friday . The stock had previously closed at $228.79, but opened at $211.50. Globant shares last traded at $209.59, with a volume of 106,354 shares.

Analysts Set New Price Targets

Several research firms have recently commented on GLOB. JPMorgan Chase & Co. lifted their price target on Globant from $237.00 to $248.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Canaccord Genuity Group upped their target price on shares of Globant from $175.00 to $205.00 and gave the company a “hold” rating in a research report on Wednesday, August 21st. Piper Sandler reiterated an “overweight” rating and set a $240.00 price target (up from $238.00) on shares of Globant in a research report on Friday, August 16th. Citigroup upped their price objective on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Finally, Scotiabank lifted their target price on shares of Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a report on Wednesday, August 21st. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $227.00.

Globant Stock Down 10.3 %

The stock has a market capitalization of $8.84 billion, a price-to-earnings ratio of 53.75, a P/E/G ratio of 2.91 and a beta of 1.39. The stock has a fifty day moving average of $208.82 and a 200-day moving average of $190.87.

Globant (NYSE:GLOB) last posted its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. Globant had a net margin of 7.39% and a return on equity of 11.68%. The firm had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. During the same period last year, the firm posted $1.04 EPS. The company’s revenue was up 18.1% on a year-over-year basis. On average, equities analysts forecast that Globant S.A. will post 5.06 EPS for the current fiscal year.

Institutional Trading of Globant

Several institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP increased its position in Globant by 529.6% during the second quarter. Quarry LP now owns 170 shares of the information technology services provider’s stock worth $30,000 after buying an additional 143 shares during the period. Ridgewood Investments LLC acquired a new position in shares of Globant in the 2nd quarter valued at $31,000. BOKF NA increased its holdings in shares of Globant by 15,800.0% in the 1st quarter. BOKF NA now owns 159 shares of the information technology services provider’s stock valued at $32,000 after acquiring an additional 158 shares during the period. ORG Partners LLC raised its position in Globant by 65.5% in the 3rd quarter. ORG Partners LLC now owns 192 shares of the information technology services provider’s stock valued at $38,000 after purchasing an additional 76 shares during the last quarter. Finally, American National Bank & Trust boosted its stake in Globant by 430.2% during the 3rd quarter. American National Bank & Trust now owns 228 shares of the information technology services provider’s stock worth $45,000 after purchasing an additional 185 shares during the period. 91.60% of the stock is owned by hedge funds and other institutional investors.

About Globant

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.