Xponance Inc. Reduces Stock Position in Globant S.A. (NYSE:GLOB)

Xponance Inc. lessened its holdings in shares of Globant S.A. (NYSE:GLOB) by 8.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,364 shares of the information technology services provider’s stock after selling 471 shares during the period. Xponance Inc.’s holdings in Globant were worth $1,277,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Invesco Ltd. grew its position in shares of Globant by 155.2% in the 3rd quarter. Invesco Ltd. now owns 611,061 shares of the information technology services provider’s stock worth $120,898,000 after buying an additional 371,628 shares during the last quarter. Jennison Associates LLC purchased a new position in Globant during the 3rd quarter valued at $48,804,000. Allspring Global Investments Holdings LLC raised its holdings in Globant by 36.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 705,090 shares of the information technology services provider’s stock worth $167,797,000 after purchasing an additional 189,204 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Globant by 40.7% in the 3rd quarter. Ameriprise Financial Inc. now owns 485,042 shares of the information technology services provider’s stock worth $95,966,000 after purchasing an additional 140,398 shares in the last quarter. Finally, State of Michigan Retirement System purchased a new stake in shares of Globant in the 3rd quarter worth about $27,343,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Canaccord Genuity Group reissued a “hold” rating and issued a $230.00 price target on shares of Globant in a research note on Tuesday, February 20th. UBS Group increased their target price on Globant from $230.00 to $240.00 and gave the stock a “neutral” rating in a research report on Monday, February 26th. Guggenheim initiated coverage on Globant in a research report on Tuesday, March 19th. They set a “buy” rating and a $250.00 price target on the stock. Citigroup decreased their price objective on Globant from $275.00 to $235.00 and set a “buy” rating for the company in a report on Monday. Finally, Needham & Company LLC boosted their target price on shares of Globant from $215.00 to $275.00 and gave the company a “buy” rating in a report on Friday, January 26th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $244.24.

Globant Trading Up 1.4 %

Shares of NYSE GLOB opened at $183.32 on Thursday. Globant S.A. has a 12-month low of $135.40 and a 12-month high of $251.50. The firm has a market capitalization of $7.90 billion, a price-to-earnings ratio of 50.50, a price-to-earnings-growth ratio of 1.36 and a beta of 1.35. The firm has a 50 day moving average of $206.27 and a 200 day moving average of $212.32.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Thursday, February 15th. The information technology services provider reported $1.26 EPS for the quarter, missing the consensus estimate of $1.34 by ($0.08). Globant had a return on equity of 11.38% and a net margin of 7.56%. The company had revenue of $580.71 million during the quarter, compared to analysts’ expectations of $579.70 million. Sell-side analysts predict that Globant S.A. will post 5.03 EPS for the current year.

Globant Company Profile

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.