Harbour Capital Advisors LLC Raises Stock Position in Globant S.A. (NYSE:GLOB)

Harbour Capital Advisors LLC raised its stake in Globant S.A. (NYSE:GLOB) by 56.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,525 shares of the information technology services provider’s stock after buying an additional 550 shares during the period. Harbour Capital Advisors LLC’s holdings in Globant were worth $302,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Benjamin F. Edwards & Company Inc. acquired a new stake in shares of Globant in the fourth quarter valued at approximately $490,000. Trust Point Inc. acquired a new stake in shares of Globant in the fourth quarter valued at approximately $1,741,000. Franklin Resources Inc. boosted its position in Globant by 0.9% during the fourth quarter. Franklin Resources Inc. now owns 12,672 shares of the information technology services provider’s stock worth $3,016,000 after acquiring an additional 111 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its position in Globant by 146.4% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 45,190 shares of the information technology services provider’s stock worth $10,734,000 after acquiring an additional 26,850 shares during the last quarter. Finally, Capital International Investors boosted its position in Globant by 0.5% during the fourth quarter. Capital International Investors now owns 1,323,859 shares of the information technology services provider’s stock worth $315,052,000 after acquiring an additional 6,707 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLOB has been the topic of a number of analyst reports. Wedbush decreased their target price on shares of Globant from $250.00 to $200.00 and set an “outperform” rating on the stock in a research report on Friday, May 17th. Needham & Company LLC restated a “buy” rating and set a $200.00 target price on shares of Globant in a research report on Thursday, June 13th. KeyCorp decreased their target price on shares of Globant from $272.00 to $220.00 and set an “overweight” rating on the stock in a research report on Friday, May 17th. The Goldman Sachs Group began coverage on shares of Globant in a report on Monday, June 24th. They issued a “buy” rating and a $200.00 price target on the stock. Finally, StockNews.com upgraded shares of Globant from a “sell” rating to a “hold” rating in a report on Tuesday, May 21st. One analyst has rated the stock with a sell rating, six have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $216.44.

Globant Price Performance

Globant stock opened at $178.26 on Friday. Globant S.A. has a 12-month low of $151.68 and a 12-month high of $251.50. The company has a market capitalization of $7.68 billion, a price-to-earnings ratio of 46.79, a price-to-earnings-growth ratio of 1.85 and a beta of 1.40. The firm’s fifty day moving average price is $170.58 and its 200 day moving average price is $203.82.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, May 16th. The information technology services provider reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.01. Globant had a net margin of 7.62% and a return on equity of 11.60%. The firm had revenue of $571.08 million for the quarter, compared to the consensus estimate of $570.72 million. Analysts forecast that Globant S.A. will post 5 earnings per share for the current fiscal 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.