Capital International Investors Boosts Stock Position in Globant S.A. $GLOB

Capital International Investors grew its stake in shares of Globant S.A. (NYSE:GLOB) by 10.6% during the 4th quarter, HoldingsChannel reports. The fund owned 2,283,802 shares of the information technology services provider’s stock after buying an additional 218,570 shares during the period. Capital International Investors owned about 0.05% of Globant worth $149,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Alliancebernstein L.P. increased its holdings in shares of 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 worth $84,413,000 after purchasing an additional 915,924 shares during the period. Principal Financial Group Inc. increased its holdings 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 worth $53,323,000 after purchasing an additional 630,440 shares during the period. BNP Paribas Financial Markets increased its holdings 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 worth $44,982,000 after purchasing an additional 672,175 shares during the period. UBS Group AG increased its holdings in shares of Globant by 44.1% in the fourth quarter. UBS Group AG now owns 667,755 shares of the information technology services provider’s stock worth $43,651,000 after purchasing an additional 204,443 shares during the period. Finally, Two Sigma Investments LP increased its holdings 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 worth $37,888,000 after purchasing an additional 549,089 shares during the period. Institutional investors own 91.60% of the company’s stock.

Globant Stock Down 0.3%

Shares of NYSE:GLOB opened at $38.18 on Tuesday. Globant S.A. has a 52-week low of $32.50 and a 52-week high of $105.43. The firm has a fifty day moving average of $42.59 and a 200 day moving average of $53.56. The firm has a market capitalization of $1.67 billion, a PE ratio of 15.52, a price-to-earnings-growth ratio of 1.40 and a beta of 1.02. 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 announced its earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.50. Globant had a net margin of 4.46% and a return on equity of 9.87%. The company had revenue of $607.09 million during the quarter, compared to analyst estimates of $601.66 million. During the same period in the previous year, the business earned $1.50 earnings per share. The firm’s quarterly revenue was down .7% compared to the same quarter last year. As a group, research analysts anticipate that Globant S.A. will post 4.93 EPS for the current fiscal year.

Globant announced that its board has authorized a stock repurchase program on Monday, May 18th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the information technology services provider to repurchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research firms have recently weighed in on GLOB. The Goldman Sachs Group decreased their price target on shares of Globant from $68.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, May 15th. Canaccord Genuity Group decreased their price target on shares of Globant from $50.00 to $40.00 and set a “hold” rating on the stock in a report on Friday, May 15th. Wells Fargo & Company decreased their price target on shares of Globant from $57.00 to $50.00 and set an “equal weight” rating on the stock in a report on Friday, March 27th. JPMorgan Chase & Co. decreased their price target on shares of Globant from $75.00 to $68.00 and set a “neutral” rating on the stock in a report on Wednesday, February 18th. Finally, Truist Financial cut their target price on shares of Globant from $54.00 to $44.00 and set a “hold” rating for the company in a research report on Friday, May 15th. Eight equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Globant currently has a consensus rating of “Hold” and an average target price of $64.81.

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.