1492 Capital Management LLC Sells 31,349 Shares of Globant S.A. $GLOB

1492 Capital Management LLC trimmed its holdings in Globant S.A. (NYSE:GLOB) by 57.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,659 shares of the information technology services provider’s stock after selling 31,349 shares during the quarter. 1492 Capital Management LLC’s holdings in Globant were worth $1,091,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLOB. Signaturefd LLC grew its position in Globant by 65.1% in the 4th quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock valued at $32,000 after acquiring an additional 190 shares during the last quarter. Allworth Financial LP lifted its position in shares of Globant by 473.3% during the fourth quarter. Allworth Financial LP now owns 493 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 407 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Globant by 561.2% during the fourth quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock worth $45,000 after purchasing an additional 578 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Globant by 34.3% during the fourth quarter. GAMMA Investing LLC now owns 712 shares of the information technology services provider’s stock worth $47,000 after purchasing an additional 182 shares during the last quarter. Finally, MidFirst Bank purchased a new stake in shares of Globant during the fourth quarter valued at $47,000. 91.60% of the stock is owned by institutional investors.

Globant Trading Up 8.2%

NYSE:GLOB opened at $30.00 on Friday. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 12.20, a PEG ratio of 1.10 and a beta of 1.02. Globant S.A. has a 52 week low of $27.56 and a 52 week high of $95.26. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.16. The firm has a 50 day moving average of $38.91 and a 200 day moving average of $50.57.

Globant (NYSE:GLOB) last released its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.50. Globant had a net margin of 4.46% and a return on equity of 9.87%. The business had revenue of $607.09 million for the quarter, compared to analyst estimates of $601.65 million. During the same period in the previous year, the company earned $1.50 earnings per share. The business’s revenue for the quarter was down .7% on a year-over-year basis. As a group, sell-side analysts anticipate that Globant S.A. will post 4.94 earnings per share for the current fiscal year.

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Susquehanna reduced their price target on shares of Globant from $90.00 to $78.00 and set a “positive” rating on the stock in a research note on Friday, May 15th. TD Cowen dropped their target price on shares of Globant from $74.00 to $72.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. UBS Group reduced their target price on shares of Globant from $75.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Wedbush reaffirmed an “outperform” rating on shares of Globant in a research note on Monday, May 18th. Finally, Needham & Company LLC decreased their price target on shares of Globant from $60.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, May 15th. Eight analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $64.81.

Globant Company Profile

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.