Legacy Wealth Asset Management LLC purchased a new stake in shares of Globant S.A. (NYSE:GLOB – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 16,972 shares of the information technology services provider’s stock, valued at approximately $491,000.
Other large investors have also recently added to or reduced their stakes in the company. Signaturefd LLC increased its stake in Globant by 65.1% during the fourth quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock worth $32,000 after acquiring an additional 190 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Globant by 473.3% in the 4th quarter. Allworth Financial LP now owns 493 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 407 shares during the last quarter. Larson Financial Group LLC lifted its stake in shares of Globant by 561.2% in the 4th quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock valued at $45,000 after purchasing an additional 578 shares during the last quarter. MidFirst Bank acquired a new position in shares of Globant in the 4th quarter valued at $47,000. Finally, State of Wyoming grew its holdings in shares of Globant by 78.9% during the 2nd quarter. State of Wyoming now owns 882 shares of the information technology services provider’s stock worth $80,000 after purchasing an additional 389 shares during the period. 91.60% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on GLOB shares. TD Cowen cut their price objective on Globant from $59.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Needham & Company LLC decreased their target price on shares of Globant from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, May 15th. Wells Fargo & Company lowered their target price on shares of Globant from $50.00 to $42.00 and set an “equal weight” rating for the company in a research note on Friday, July 10th. Wedbush reiterated an “outperform” rating on shares of Globant in a research report on Monday, May 18th. Finally, William Blair downgraded shares of Globant from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Six analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $52.75.
Globant Price Performance
Shares of NYSE GLOB opened at $38.58 on Tuesday. The stock’s 50-day simple moving average is $33.86 and its 200-day simple moving average is $42.98. The firm has a market capitalization of $1.69 billion, a PE ratio of 15.68, a price-to-earnings-growth ratio of 1.41 and a beta of 1.02. Globant S.A. has a fifty-two week low of $27.56 and a fifty-two week high of $79.67. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.82 and a current ratio of 1.82.
Globant (NYSE:GLOB – Get Free Report) last announced its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.50. Globant had a return on equity of 9.87% and a net margin of 4.46%.The firm had revenue of $607.09 million during the quarter, compared to the consensus estimate of $601.65 million. During the same period in the prior year, the company posted $1.50 earnings per share. The firm’s quarterly revenue was down .7% compared to the same quarter last year. As a group, equities research analysts forecast that Globant S.A. will post 4.89 EPS for the current fiscal year.
Globant announced that its Board of Directors has authorized a share repurchase plan on Monday, May 18th that authorizes the company to repurchase $50.00 million in 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 plans are typically an indication that the company’s board of directors 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.
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