Covestor Ltd Decreases Stock Holdings in Globant S.A. (NYSE:GLOB)

Covestor Ltd cut its holdings in Globant S.A. (NYSE:GLOB) by 11.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 410 shares of the information technology services provider’s stock after selling 54 shares during the quarter. Covestor Ltd’s holdings in Globant were worth $81,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Seven Eight Capital LP purchased a new position in shares of Globant in the 1st quarter worth $2,138,000. Vanguard Group Inc. grew its position in Globant by 7.9% in the first quarter. Vanguard Group Inc. now owns 112,339 shares of the information technology services provider’s stock worth $22,681,000 after acquiring an additional 8,267 shares in the last quarter. Cetera Investment Advisers increased its stake in Globant by 1,079.8% during the first quarter. Cetera Investment Advisers now owns 20,140 shares of the information technology services provider’s stock worth $4,066,000 after acquiring an additional 18,433 shares during the last quarter. Jupiter Asset Management Ltd. raised its position in Globant by 14.6% during the first quarter. Jupiter Asset Management Ltd. now owns 42,584 shares of the information technology services provider’s stock valued at $8,598,000 after purchasing an additional 5,441 shares during the period. Finally, Brown Brothers Harriman & Co. lifted its stake in shares of Globant by 97.4% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 154,538 shares of the information technology services provider’s stock valued at $27,548,000 after purchasing an additional 76,256 shares during the last quarter. Institutional investors own 91.60% of the company’s stock.

Globant Stock Performance

NYSE GLOB opened at $236.80 on Thursday. The company has a market cap of $10.20 billion, a PE ratio of 61.83, a P/E/G ratio of 2.89 and a beta of 1.39. The firm’s 50 day moving average price is $207.49 and its 200-day moving average price is $190.28. Globant S.A. has a 52-week low of $151.68 and a 52-week high of $251.50.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.50 by $0.01. The business had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. Globant had a return on equity of 11.68% and a net margin of 7.39%. The business’s revenue was up 18.1% compared to the same quarter last year. During the same period last year, the business posted $1.04 EPS. On average, analysts forecast that Globant S.A. will post 5.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GLOB has been the topic of several recent research reports. Scotiabank increased their price target on Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a report on Wednesday, August 21st. Citigroup raised their target price on shares of Globant from $240.00 to $251.00 and gave the stock a “buy” rating in a report on Monday, October 28th. Deutsche Bank Aktiengesellschaft started coverage on shares of Globant in a report on Thursday, August 22nd. They set a “hold” rating and a $210.00 price target on the stock. StockNews.com raised shares of Globant from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $240.00 target price (up previously from $238.00) on shares of Globant in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $227.00.

About Globant

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.