Quantinno Capital Management LP cut its holdings in Globant S.A. (NYSE:GLOB – Free Report) by 68.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 127,079 shares of the information technology services provider’s stock after selling 273,464 shares during the period. Quantinno Capital Management LP’s holdings in Globant were worth $5,860,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also added to or reduced their stakes in GLOB. Pzena Investment Management LLC bought a new position in shares of Globant during the 1st quarter worth approximately $136,893,000. Alliancebernstein L.P. boosted its stake in Globant by 6,875.8% during the second quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock worth $84,413,000 after acquiring an additional 915,924 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Globant by 601.5% in the third quarter. BNP Paribas Financial Markets now owns 783,930 shares of the information technology services provider’s stock valued at $44,982,000 after purchasing an additional 672,175 shares in the last quarter. Principal Financial Group Inc. increased its stake in Globant by 340.3% in the fourth quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock valued at $53,323,000 after purchasing an additional 630,440 shares in the last quarter. Finally, Two Sigma Investments LP raised its holdings in shares of Globant by 493.8% during the third quarter. Two Sigma Investments LP now owns 660,296 shares of the information technology services provider’s stock valued at $37,888,000 after purchasing an additional 549,089 shares during the period. 91.60% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
GLOB has been the subject of several research reports. UBS Group reduced their target price on Globant from $75.00 to $50.00 and set a “neutral” rating for the company in a research note on Tuesday, May 5th. William Blair lowered Globant from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 30th. Truist Financial decreased their price objective on Globant from $54.00 to $44.00 and set a “hold” rating for the company in a report on Friday, May 15th. Susquehanna lowered their target price on Globant from $90.00 to $78.00 and set a “positive” rating on the stock in a research report on Friday, May 15th. Finally, Canaccord Genuity Group cut their target price on Globant from $50.00 to $40.00 and set a “hold” rating on the stock in a report on Friday, May 15th. Six 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $52.75.
Globant Trading Up 0.5%
NYSE:GLOB opened at $38.33 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.82 and a current ratio of 1.82. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 15.58, a price-to-earnings-growth ratio of 1.44 and a beta of 1.02. Globant S.A. has a 52 week low of $27.56 and a 52 week high of $82.71. The firm has a 50-day moving average price of $34.09 and a two-hundred day moving average price of $43.59.
Globant (NYSE:GLOB – Get Free Report) last released its earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.50. The company had revenue of $607.09 million during the quarter, compared to analyst estimates of $601.65 million. Globant had a return on equity of 9.87% and a net margin of 4.46%.Globant’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the prior year, the company posted $1.50 earnings per share. On average, equities analysts expect that Globant S.A. will post 4.89 earnings per share for the current fiscal year.
Globant declared that its Board of Directors has authorized a share buyback program on Monday, May 18th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to purchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
Globant 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.
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