Capital World Investors Makes New $17.84 Million Investment in Globant S.A. $GLOB

Capital World Investors acquired a new position in shares of Globant S.A. (NYSE:GLOB) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 272,952 shares of the information technology services provider’s stock, valued at approximately $17,843,000.

Several other hedge funds have also recently bought and sold shares of GLOB. Alliancebernstein L.P. raised 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 shares of 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 buying an additional 672,175 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of 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 buying an additional 630,440 shares in the last quarter. Two Sigma Investments LP increased its stake in shares of Globant by 493.8% in 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 buying an additional 549,089 shares in the last quarter. Finally, Barclays PLC increased its stake in shares of Globant by 1,093.6% in the third quarter. Barclays PLC now owns 453,331 shares of the information technology services provider’s stock valued at $26,012,000 after buying an additional 415,351 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Truist Financial lowered their target price on Globant from $54.00 to $44.00 and set a “hold” rating for the company in a research note on Friday, May 15th. The Goldman Sachs Group lowered their target price on Globant from $68.00 to $60.00 and set a “neutral” rating for the company in a research note on Friday, May 15th. Wells Fargo & Company lowered their target price on Globant from $57.00 to $50.00 and set an “equal weight” rating for the company in a research note on Friday, March 27th. UBS Group lowered 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. Finally, JPMorgan Chase & Co. lowered their target price on Globant from $75.00 to $68.00 and set a “neutral” rating for the company in a research note on Wednesday, February 18th. Eight equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $64.81.

Globant Price Performance

Globant stock opened at $37.33 on Wednesday. The business’s 50-day simple moving average is $42.44 and its 200 day simple moving average is $53.39. The stock has a market cap of $1.64 billion, a price-to-earnings ratio of 15.18, a P/E/G ratio of 1.39 and a beta of 1.02. Globant S.A. has a 12-month low of $32.50 and a 12-month high of $105.43. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.16.

Globant (NYSE:GLOB) last posted its quarterly 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 business had revenue of $607.09 million for the quarter, compared to analysts’ expectations of $601.66 million. Globant had a return on equity of 9.87% and a net margin of 4.46%.The firm’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter last year, the business earned $1.50 earnings per share. As a group, research analysts anticipate that Globant S.A. will post 4.93 earnings per share for the current year.

Globant declared that its board has initiated a stock repurchase plan on Monday, May 18th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to reacquire up to 2.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership 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.