Nordea Investment Management AB Reduces Stock Position in Globant SA (NYSE:GLOB)

Nordea Investment Management AB reduced its holdings in shares of Globant SA (NYSE:GLOB) by 31.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,382 shares of the information technology services provider’s stock after selling 6,685 shares during the quarter. Nordea Investment Management AB’s holdings in Globant were worth $1,027,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in GLOB. Norges Bank purchased a new stake in shares of Globant during the 4th quarter valued at approximately $15,761,000. Bank of New York Mellon Corp lifted its stake in shares of Globant by 81.7% during the 4th quarter. Bank of New York Mellon Corp now owns 575,405 shares of the information technology services provider’s stock valued at $32,407,000 after buying an additional 258,748 shares in the last quarter. William Blair Investment Management LLC lifted its stake in shares of Globant by 11.9% during the 1st quarter. William Blair Investment Management LLC now owns 1,004,844 shares of the information technology services provider’s stock valued at $71,746,000 after buying an additional 107,099 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Globant by 27.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 498,392 shares of the information technology services provider’s stock valued at $28,070,000 after buying an additional 106,241 shares in the last quarter. Finally, Pier Capital LLC purchased a new stake in shares of Globant during the 1st quarter valued at approximately $7,472,000. Institutional investors own 79.06% of the company’s stock.

NYSE GLOB opened at $99.31 on Friday. Globant SA has a 1 year low of $46.30 and a 1 year high of $105.33. The company has a quick ratio of 2.29, a current ratio of 1.69 and a debt-to-equity ratio of 0.09. The stock has a market cap of $3.58 billion, a PE ratio of 71.45 and a beta of 0.85. The business has a 50 day moving average price of $92.71.

Globant (NYSE:GLOB) last posted its earnings results on Thursday, May 9th. The information technology services provider reported $0.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Globant had a net margin of 9.77% and a return on equity of 16.35%. The business had revenue of $146.15 million for the quarter, compared to analysts’ expectations of $145.23 million. During the same period in the prior year, the company posted $0.38 EPS. The business’s revenue for the quarter was up 22.1% compared to the same quarter last year. On average, analysts forecast that Globant SA will post 1.72 EPS for the current fiscal year.

A number of brokerages recently commented on GLOB. Itau BBA Securities upgraded shares of Globant from a “market perform” rating to an “outperform” rating and upped their price target for the company from $74.00 to $113.00 in a research note on Friday, June 21st. Zacks Investment Research cut shares of Globant from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Wedbush restated an “outperform” rating and set a $90.00 price target (up from $75.00) on shares of Globant in a research note on Wednesday, May 8th. Finally, Morgan Stanley initiated coverage on shares of Globant in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $85.00 target price on the stock. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $79.33.

Globant Company Profile

Globant SA, a technology services company, provides services related to application development, testing, infrastructure management, and application maintenance worldwide. The company offers machine learning, pattern recognition, natural language understanding, future of organizations, customer insight, behavioral change, product innovation, design thinking, product management discovery and delivery, and product coaching services.

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Institutional Ownership by Quarter for Globant (NYSE:GLOB)

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