Pzena Investment Management LLC acquired a new position in shares of Globant S.A. (NYSE:GLOB – Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,968,828 shares of the information technology services provider’s stock, valued at approximately $136,893,000. Pzena Investment Management LLC owned approximately 6.77% of Globant as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Maxi Investments CY Ltd purchased a new position in shares of Globant in the 4th quarter valued at about $2,255,000. Principal Financial Group Inc. lifted its stake in Globant by 340.3% during the fourth quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock worth $53,323,000 after purchasing an additional 630,440 shares during the last quarter. Citizens Financial Group Inc. RI purchased a new position in Globant in the fourth quarter valued at approximately $5,095,000. Bank of Nova Scotia raised its holdings in Globant by 9,602.6% during the third quarter. Bank of Nova Scotia now owns 378,400 shares of the information technology services provider’s stock worth $21,713,000 after purchasing an additional 374,500 shares in the last quarter. Finally, Circumference Group LLC purchased a new stake in shares of Globant during the 3rd quarter worth approximately $1,607,000. Institutional investors and hedge funds own 91.60% of the company’s stock.
Analyst Ratings Changes
A number of research firms recently commented on GLOB. UBS Group dropped their target price on shares of Globant from $75.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Canaccord Genuity Group decreased their price objective on shares of Globant from $50.00 to $40.00 and set a “hold” rating for the company in a research note on Friday, May 15th. The Goldman Sachs Group dropped their price objective on Globant from $68.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, May 15th. Wells Fargo & Company cut their target price on Globant from $57.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Friday, March 27th. Finally, Wedbush reissued an “outperform” rating on shares of Globant in a report on Monday, May 18th. Seven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Globant currently has a consensus rating of “Hold” and a consensus price target of $64.81.
Globant Price Performance
Shares of GLOB opened at $31.31 on Thursday. Globant S.A. has a twelve month low of $27.56 and a twelve month high of $95.26. The stock’s 50 day moving average is $37.72 and its two-hundred day moving average is $49.62. The firm has a market capitalization of $1.37 billion, a PE ratio of 12.73, a P/E/G ratio of 1.06 and a beta of 1.02. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.16.
Globant (NYSE:GLOB – Get Free Report) last issued its earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.50. The business had revenue of $607.09 million during the quarter, compared to the consensus estimate of $601.65 million. Globant had a return on equity of 9.87% and a net margin of 4.46%.The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the prior year, the business posted $1.50 EPS. Research analysts anticipate that Globant S.A. will post 4.94 earnings per share for the current year.
Globant announced that its Board of Directors has approved a stock repurchase program on Monday, May 18th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 2.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
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.
Featured Articles
- Five stocks we like better than Globant
- AirJoule Unveils Prime System, Clearing Path to Commercialization
- Copper Stocks Are Getting a Bigger Spotlight as Gold’s Rally Cracks
- Nike Q4 Beat Masks Core Weakness as Analysts Cut Price Targets
- Uber’s Waymo Detour Tests the Stock’s Robotaxi Bull Case
Receive News & Ratings for Globant Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Globant and related companies with MarketBeat.com's FREE daily email newsletter.
