Principal Financial Group Inc. Acquires 40,024 Shares of Globant S.A. $GLOB

Principal Financial Group Inc. grew its holdings in Globant S.A. (NYSE:GLOB) by 27.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 185,263 shares of the information technology services provider’s stock after acquiring an additional 40,024 shares during the period. Principal Financial Group Inc.’s holdings in Globant were worth $10,630,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Globant in the 1st quarter worth $447,000. Goldman Sachs Group Inc. increased its position in Globant by 69.3% in the first quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider’s stock worth $8,739,000 after buying an additional 30,386 shares in the last quarter. CWM LLC increased its position in Globant by 30.1% in the second quarter. CWM LLC now owns 636 shares of the information technology services provider’s stock worth $58,000 after buying an additional 147 shares in the last quarter. S Bank Fund Management Ltd bought a new position in shares of Globant in the second quarter worth about $5,360,000. Finally, ARGA Investment Management LP purchased a new position in shares of Globant during the 2nd quarter valued at about $1,319,000. Institutional investors own 91.60% of the company’s stock.

Globant Stock Down 7.9%

GLOB opened at $55.46 on Thursday. The company has a market capitalization of $2.44 billion, a PE ratio of 25.10, a price-to-earnings-growth ratio of 6.52 and a beta of 1.19. The firm has a 50-day simple moving average of $66.49 and a two-hundred day simple moving average of $65.06. The company has a quick ratio of 1.93, a current ratio of 1.93 and a debt-to-equity ratio of 0.16. Globant S.A. has a 52 week low of $54.36 and a 52 week high of $228.98.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, November 13th. The information technology services provider reported $1.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.55 by ($0.02). The firm had revenue of $617.14 million during the quarter, compared to the consensus estimate of $615.32 million. Globant had a return on equity of 10.39% and a net margin of 4.01%.During the same period last year, the firm posted $1.63 earnings per share. The company’s revenue for the quarter was up .4% compared to the same quarter last year. Analysts forecast that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GLOB has been the subject of a number of recent research reports. Citigroup upgraded Globant to a “hold” rating in a research note on Thursday, October 23rd. JPMorgan Chase & Co. dropped their price target on shares of Globant from $78.00 to $75.00 and set a “neutral” rating for the company in a research report on Friday, November 14th. Truist Financial began coverage on shares of Globant in a research note on Tuesday, January 6th. They issued a “hold” rating and a $72.00 price objective for the company. Jefferies Financial Group downgraded shares of Globant from a “buy” rating to a “hold” rating and decreased their price objective for the company from $80.00 to $61.00 in a research report on Thursday, November 20th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Globant in a report on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Globant presently has an average rating of “Hold” and a consensus price target of $97.75.

About Globant

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.