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

Xponance Inc. cut its stake in shares of Globant S.A. (NYSE:GLOB) by 14.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,514 shares of the information technology services provider’s stock after selling 787 shares during the quarter. Xponance Inc.’s holdings in Globant were worth $805,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in GLOB. Manning & Napier Advisors LLC acquired a new position in Globant during the 2nd quarter worth approximately $99,396,000. Wasatch Advisors LP increased its holdings in Globant by 6.8% in the first quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock valued at $673,693,000 after buying an additional 213,049 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Globant by 57.5% in the second quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after buying an additional 161,512 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in Globant by 65.7% during the 4th quarter. CIBC Private Wealth Group LLC now owns 405,124 shares of the information technology services provider’s stock worth $96,411,000 after buying an additional 160,616 shares during the last quarter. Finally, Sei Investments Co. boosted its position in shares of Globant by 43.4% during the 2nd quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock worth $91,432,000 after acquiring an additional 155,112 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on GLOB. Jefferies Financial Group boosted their target price on Globant from $235.00 to $240.00 and gave the stock a “buy” rating in a research note on Monday, September 9th. The Goldman Sachs Group started coverage on shares of Globant in a research report on Monday, June 24th. They set a “buy” rating and a $200.00 price objective for the company. Scotiabank increased their target price on shares of Globant from $200.00 to $210.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 21st. Citigroup upped their price objective on shares of Globant from $215.00 to $220.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price objective (up previously from $238.00) on shares of Globant in a report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $222.90.

Globant Price Performance

NYSE:GLOB opened at $197.65 on Friday. The firm has a market cap of $8.52 billion, a price-to-earnings ratio of 51.88, a price-to-earnings-growth ratio of 2.38 and a beta of 1.40. Globant S.A. has a 1-year low of $151.68 and a 1-year high of $251.50. The firm’s fifty day moving average price is $195.21 and its 200 day moving average price is $186.54.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share for the quarter, beating the consensus estimate 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 net margin of 7.39% and a return on equity of 11.68%. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.04 earnings per share. As a group, analysts expect that Globant S.A. will post 5.02 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.