Clearbridge Investments LLC Boosts Stock Holdings in Globant S.A. $GLOB

Clearbridge Investments LLC boosted its position in Globant S.A. (NYSE:GLOB) by 24.3% during the 4th quarter, Holdings Channel.com reports. The firm owned 156,696 shares of the information technology services provider’s stock after purchasing an additional 30,631 shares during the period. Clearbridge Investments LLC’s holdings in Globant were worth $10,243,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of GLOB. Alliancebernstein L.P. lifted its stake in Globant by 6,875.8% in the second 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 last quarter. BNP Paribas Financial Markets increased its holdings in 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 worth $44,982,000 after acquiring an additional 672,175 shares during the last quarter. Principal Financial Group Inc. increased its holdings in 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 worth $53,323,000 after acquiring an additional 630,440 shares during the last quarter. Two Sigma Investments LP increased its holdings 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 worth $37,888,000 after acquiring an additional 549,089 shares during the last quarter. Finally, Barclays PLC increased its holdings in Globant by 1,093.6% in the 3rd quarter. Barclays PLC now owns 453,331 shares of the information technology services provider’s stock worth $26,012,000 after acquiring an additional 415,351 shares during the last quarter. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on GLOB shares. Truist Financial decreased their price objective on Globant from $54.00 to $44.00 and set a “hold” rating for the company in a report on Friday, May 15th. Wedbush reaffirmed an “outperform” rating on shares of Globant in a report on Monday, May 18th. Mizuho cut their price objective on shares of Globant from $91.00 to $76.00 and set an “outperform” rating for the company in a report on Tuesday, March 3rd. Wells Fargo & Company cut their price target on Globant from $57.00 to $50.00 and set an “equal weight” rating for the company in a report on Friday, March 27th. Finally, JPMorgan Chase & Co. reduced their price target on Globant from $75.00 to $68.00 and set a “neutral” rating for the company in a research report on Wednesday, February 18th. Eight investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $64.81.

Globant Trading Down 1.7%

Globant stock opened at $36.83 on Thursday. The stock has a market cap of $1.61 billion, a P/E ratio of 14.97, a PEG ratio of 1.37 and a beta of 1.02. Globant S.A. has a fifty-two week low of $32.50 and a fifty-two week high of $104.18. The firm’s fifty day moving average price is $42.27 and its 200-day moving average price is $53.23. 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) last posted its quarterly earnings data 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 company had revenue of $607.09 million during the quarter, compared to analyst estimates of $601.66 million. During the same quarter last year, the company earned $1.50 earnings per share. The firm’s quarterly revenue was down .7% on a year-over-year basis. Equities research analysts forecast that Globant S.A. will post 4.93 earnings per share for the current fiscal year.

Globant announced that its board has authorized a stock repurchase plan on Monday, May 18th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is 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.