Globant (NYSE:GLOB) Sees Unusually-High Trading Volume – What’s Next?

Shares of Globant S.A. (NYSE:GLOB) saw strong trading volume on Monday . 540,249 shares traded hands during trading, a decline of 19% from the previous session’s volume of 666,107 shares.The stock last traded at $101.93 and had previously closed at $101.47.

Wall Street Analysts Forecast Growth

GLOB has been the subject of several recent research reports. Guggenheim decreased their target price on shares of Globant from $150.00 to $125.00 and set a “buy” rating for the company in a research report on Friday. Redburn Atlantic raised shares of Globant from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $140.00 to $150.00 in a research note on Tuesday, February 25th. Needham & Company LLC reduced their price objective on shares of Globant from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Friday. UBS Group decreased their price objective on shares of Globant from $217.00 to $190.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Finally, Piper Sandler downgraded shares of Globant from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $154.00 to $116.00 in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Globant has an average rating of “Hold” and an average target price of $179.19.

Globant Price Performance

The stock has a 50-day simple moving average of $118.69 and a 200-day simple moving average of $176.94. The stock has a market cap of $4.62 billion, a PE ratio of 28.20, a P/E/G ratio of 2.38 and a beta of 1.37.

Globant (NYSE:GLOB) last posted its quarterly earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.58 by ($0.08). The firm had revenue of $611.09 million for the quarter, compared to analysts’ expectations of $622.18 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period last year, the business earned $1.53 earnings per share. As a group, equities research analysts anticipate that Globant S.A. will post 5.73 EPS for the current year.

Institutional Trading of Globant

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Brooklyn Investment Group increased its holdings in shares of Globant by 194.4% in the 1st quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider’s stock worth $25,000 after purchasing an additional 140 shares in the last quarter. Physician Wealth Advisors Inc. boosted its holdings in shares of Globant by 140.9% during the 1st quarter. Physician Wealth Advisors Inc. now owns 265 shares of the information technology services provider’s stock worth $31,000 after purchasing an additional 155 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Globant during the fourth quarter worth $38,000. Kestra Investment Management LLC purchased a new stake in shares of Globant in the 4th quarter valued at about $38,000. Finally, Bessemer Group Inc. acquired a new position in Globant during the 1st quarter worth approximately $39,000. Institutional investors own 91.60% of the company’s stock.

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.