Sei Investments Co. Has $6.48 Million Stake in Globant S.A. $GLOB

Sei Investments Co. reduced its stake in Globant S.A. (NYSE:GLOB) by 73.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 140,575 shares of the information technology services provider’s stock after selling 383,008 shares during the quarter. Sei Investments Co. owned approximately 0.32% of Globant worth $6,482,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in GLOB. Maxi Investments CY Ltd bought a new stake in shares of Globant during the 4th quarter worth $2,255,000. Principal Financial Group Inc. lifted its position in Globant by 340.3% during the 4th quarter. Principal Financial Group Inc. now owns 815,703 shares of the information technology services provider’s stock worth $53,323,000 after acquiring an additional 630,440 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new position in Globant during the 4th quarter worth $5,095,000. Banco BTG Pactual S.A. boosted its holdings in Globant by 222.7% during the fourth quarter. Banco BTG Pactual S.A. now owns 103,900 shares of the information technology services provider’s stock valued at $6,792,000 after acquiring an additional 71,700 shares during the period. Finally, ABN Amro Investment Solutions bought a new stake in Globant during the first quarter valued at about $10,146,000. Institutional investors own 91.60% of the company’s stock.

Globant Stock Up 1.5%

NYSE GLOB opened at $37.17 on Tuesday. 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 50-day simple moving average of $34.11 and a 200 day simple moving average of $44.00. Globant S.A. has a twelve month low of $27.56 and a twelve month high of $82.79. The stock has a market cap of $1.63 billion, a PE ratio of 15.11, a PEG ratio of 1.38 and a beta of 1.02.

Globant (NYSE:GLOB) last issued 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. Globant had a return on equity of 9.87% and a net margin of 4.46%.The firm had revenue of $607.09 million for the quarter, compared to analyst estimates of $601.65 million. During the same period in the previous year, the company posted $1.50 earnings per share. The company’s quarterly revenue was down .7% compared to the same quarter last year. On average, research analysts forecast that Globant S.A. will post 4.89 EPS for the current year.

Globant declared that its Board of Directors has approved a stock repurchase program on Monday, May 18th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the information technology services provider to purchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. 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 research note on Friday, May 15th. Susquehanna decreased their target price on Globant from $90.00 to $78.00 and set a “positive” rating for the company in a research note on Friday, May 15th. Wedbush reaffirmed an “outperform” rating on shares of Globant in a report on Monday, May 18th. Truist Financial dropped their price target on Globant from $54.00 to $44.00 and set a “hold” rating on the stock in a research report on Friday, May 15th. Finally, Citigroup cut their price target on Globant from $42.00 to $37.00 and set a “neutral” rating for the company in a report on Monday, July 27th. Six analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $52.75.

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.