OppenheimerFunds Inc. Trims Position in Globant SA (GLOB)
OppenheimerFunds Inc. lowered its position in shares of Globant SA (NYSE:GLOB) by 57.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 550,690 shares of the information technology services provider’s stock after selling 739,785 shares during the period. OppenheimerFunds Inc.’s holdings in Globant were worth $25,584,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. Advisor Group Inc. acquired a new position in Globant during the 3rd quarter worth about $141,000. SG Americas Securities LLC acquired a new position in Globant during the 4th quarter worth about $172,000. Bell Bank acquired a new position in Globant during the 3rd quarter worth about $239,000. California Public Employees Retirement System acquired a new position in Globant during the 4th quarter worth about $287,000. Finally, Quantbot Technologies LP acquired a new position in Globant during the 3rd quarter worth about $270,000. Institutional investors and hedge funds own 64.80% of the company’s stock.
GLOB has been the topic of several recent research reports. KeyCorp reaffirmed a “hold” rating on shares of Globant in a report on Friday, November 3rd. Zacks Investment Research raised Globant from a “sell” rating to a “hold” rating in a report on Wednesday, November 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $36.00 target price (down from $42.00) on shares of Globant in a report on Friday, November 17th. JPMorgan Chase & Co. reaffirmed an “overweight” rating and set a $54.00 target price (up from $50.00) on shares of Globant in a report on Tuesday, February 20th. Finally, SunTrust Banks lifted their target price on Globant to $52.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $49.57.
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Globant SA is a digitally native technology services company. The Company’s principal operating subsidiary is based in Buenos Aires, Argentina. During the year ended December 31, 2015, 83.7% of its revenues were generated by clients in North America, 11.0% in Latin America and Asia, and 5.3% in Europe.
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