Globant SA (NYSE: GLOB) experienced a significant pre-market plunge of 6.59% on Friday, as investors reacted to the company's disappointing third-quarter earnings report and subsequent analyst downgrades. The technology services provider's stock price decline reflects growing concerns about its financial performance and future outlook.

Globant reported quarterly earnings of $1.53 per share for the third quarter, falling short of the analyst consensus estimate of $1.54 per share. Although the company's quarterly sales of $617.143 million slightly beat the analyst consensus estimate of $615.376 million, the earnings miss appears to have overshadowed this positive aspect. The stock had already fallen 4.5% in after-hours trading following the earnings release.

Adding to the downward pressure, several prominent financial institutions have lowered their price targets for Globant. JP Morgan cut its target price to $75 from $78, while Needham reduced its target to $80 from $85. Canaccord Genuity made an even more significant adjustment, lowering its price target to $70 from $80 and maintaining a Hold rating on the stock. These downgrades reflect growing skepticism among analysts about Globant's near-term growth prospects and valuation.