Ramirez Asset Management Inc. Makes New Investment in Globant S.A. $GLOB

Ramirez Asset Management Inc. bought a new position in Globant S.A. (NYSE:GLOB) in the fourth quarter, Holdings Channel.com reports. The institutional investor bought 25,008 shares of the information technology services provider’s stock, valued at approximately $1,635,000.

A number of other large investors have also added to or reduced their stakes in the company. Parallel Advisors LLC raised its holdings in Globant by 273.0% in the fourth quarter. Parallel Advisors LLC now owns 1,365 shares of the information technology services provider’s stock worth $89,000 after purchasing an additional 999 shares in the last quarter. TD Asset Management Inc raised its holdings in Globant by 2.2% in the fourth quarter. TD Asset Management Inc now owns 78,260 shares of the information technology services provider’s stock worth $5,116,000 after purchasing an additional 1,666 shares in the last quarter. 1492 Capital Management LLC bought a new position in Globant in the fourth quarter worth about $3,596,000. Goldman Sachs Group Inc. raised its holdings in Globant by 7.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 191,832 shares of the information technology services provider’s stock worth $12,540,000 after purchasing an additional 12,840 shares in the last quarter. Finally, Monaco Asset Management SAM bought a new position in Globant in the fourth quarter worth about $654,000. 91.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GLOB. Wedbush reiterated an “outperform” rating on shares of Globant in a report on Monday, May 18th. Canaccord Genuity Group reduced their target price on shares of Globant from $50.00 to $40.00 and set a “hold” rating for the company in a report on Friday, May 15th. The Goldman Sachs Group dropped their price target on Globant from $68.00 to $60.00 and set a “neutral” rating on the stock in a research note on Friday, May 15th. UBS Group dropped their price target on Globant from $75.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 5th. Finally, JPMorgan Chase & Co. dropped their price target on Globant from $75.00 to $68.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 18th. Eight research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Globant presently has a consensus rating of “Hold” and an average target price of $64.81.

Globant Price Performance

Shares of GLOB stock opened at $38.35 on Friday. Globant S.A. has a fifty-two week low of $32.50 and a fifty-two week high of $105.43. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 15.59, a PEG 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. The stock’s 50-day simple moving average is $42.73 and its 200-day simple moving average is $53.75.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.50. Globant had a return on equity of 9.87% and a net margin of 4.46%.The business had revenue of $607.09 million for the quarter, compared to analyst estimates of $601.66 million. During the same quarter in the previous year, the firm earned $1.50 earnings per share. The company’s revenue was down .7% on a year-over-year basis. As a group, equities analysts forecast that Globant S.A. will post 4.93 earnings per share for the current fiscal year.

Globant announced that its Board of Directors has approved a share buyback plan on Monday, May 18th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.