Northwestern Mutual Wealth Management Co. Buys 244,937 Shares of Globant S.A. $GLOB

Northwestern Mutual Wealth Management Co. grew its stake in shares of Globant S.A. (NYSE:GLOB) by 4,148.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 250,842 shares of the information technology services provider’s stock after buying an additional 244,937 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in Globant were worth $16,398,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLOB. ARGA Investment Management LP boosted its holdings in Globant by 14,073.7% during the third quarter. ARGA Investment Management LP now owns 2,057,594 shares of the information technology services provider’s stock worth $118,065,000 after buying an additional 2,043,077 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Globant by 6,875.8% in the 2nd quarter. Alliancebernstein L.P. now owns 929,245 shares of the information technology services provider’s stock valued at $84,413,000 after purchasing an additional 915,924 shares during the period. BNP Paribas Financial Markets grew its position in shares of Globant by 601.5% in the 3rd 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 during the period. Principal Financial Group Inc. grew its position in shares of Globant by 340.3% in the 4th 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 during the period. Finally, Two Sigma Investments LP lifted its stake in Globant by 493.8% in the 3rd quarter. Two Sigma Investments LP now owns 660,296 shares of the information technology services provider’s stock valued at $37,888,000 after acquiring an additional 549,089 shares in the last quarter. Institutional investors own 91.60% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Guggenheim cut their target price on Globant from $80.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, February 23rd. JPMorgan Chase & Co. cut their target price on Globant from $75.00 to $68.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 18th. 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 research note on Friday, May 15th. Truist Financial cut their target price on Globant from $54.00 to $44.00 and set a “hold” rating on the stock in a research note on Friday, May 15th. Finally, 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 note on Friday, March 27th. Eight research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $64.81.

Globant Trading Up 3.6%

Shares of Globant stock opened at $41.70 on Thursday. Globant S.A. has a 12-month low of $32.50 and a 12-month high of $107.12. The stock has a market cap of $1.83 billion, a P/E ratio of 16.95, a P/E/G ratio of 1.45 and a beta of 1.04. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average is $43.90 and its 200-day moving average is $55.47.

Globant (NYSE:GLOB) last announced its quarterly earnings data 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. Globant had a return on equity of 9.87% and a net margin of 4.46%.The company had revenue of $607.09 million for the quarter, compared to analysts’ expectations of $601.66 million. During the same quarter in the prior year, the business posted $1.50 EPS. The business’s revenue was down .7% compared to the same quarter last year. Equities research analysts predict that Globant S.A. will post 4.99 earnings per share for the current fiscal year.

Globant announced that its Board of Directors has initiated a share 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 reacquire up to 2.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Globant News Summary

Here are the key news stories impacting Globant this week:

• Positive Sentiment: Globant’s board approved a share repurchase program, with the company planning to buy back $50 million of stock in the open market. Buybacks often signal management thinks the shares are undervalued and can support the stock price. Article: Globant announces share buyback program
• Positive Sentiment: Globant also announced a new Formula 1 fan experience feature in the official F1 app, highlighting continued product and partnership activity that could support sentiment around its growth strategy. Article: Globant Powers New Connected Race Experience for Formula 1 Fans
• Neutral Sentiment: Several law firms issued reminders about a securities class action and a June 23 deadline for investors who claim losses in Globant shares. These notices add headline risk, but they are largely procedural at this stage. Article: Globant investors class action deadline
• Neutral Sentiment: Additional firms, including Rosen, Pomerantz, Schall, Faruqi & Faruqi, and others, circulated similar lawsuit notices, reinforcing legal overhang but not changing the core business outlook immediately. Article: GLOB investors have opportunity to lead securities fraud lawsuit

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.