ARGA Investment Management LP Trims Stock Position in Globant S.A. $GLOB

ARGA Investment Management LP lessened its position in shares of Globant S.A. (NYSE:GLOB) by 45.5% during the first quarter, HoldingsChannel.com reports. The fund owned 1,105,070 shares of the information technology services provider’s stock after selling 923,689 shares during the period. Globant makes up approximately 1.7% of ARGA Investment Management LP’s holdings, making the stock its 12th largest holding. ARGA Investment Management LP’s holdings in Globant were worth $50,955,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Signaturefd LLC grew its position in shares of Globant by 65.1% during the 4th quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 190 shares in the last quarter. Allworth Financial LP boosted its stake in Globant by 473.3% during the fourth quarter. Allworth Financial LP now owns 493 shares of the information technology services provider’s stock valued at $32,000 after buying an additional 407 shares during the period. Larson Financial Group LLC grew its position in 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 buying an additional 578 shares in the last quarter. GAMMA Investing LLC grew its position in 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 buying an additional 182 shares in the last quarter. Finally, MidFirst Bank bought a new position in Globant in the 4th quarter worth about $47,000. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Globant Stock Performance

NYSE:GLOB opened at $29.94 on Friday. The business has a 50 day moving average of $35.92 and a 200 day moving average of $47.97. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 1.15 and a beta of 1.06. Globant S.A. has a 1-year low of $27.56 and a 1-year high of $94.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.82 and a quick ratio of 1.82.

Globant (NYSE:GLOB) last issued its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, meeting analysts’ consensus estimates of $1.50. The business had revenue of $607.09 million for the quarter, compared to analysts’ expectations of $601.65 million. Globant had a net margin of 4.46% and a return on equity of 9.87%. The business’s quarterly revenue was down .7% on a year-over-year basis. During the same period last year, the business earned $1.50 earnings per share. On average, sell-side analysts predict that Globant S.A. will post 4.92 earnings per share for the current fiscal year.

Globant announced that its board has authorized a stock repurchase program 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 repurchase up to 2.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on GLOB. TD Cowen dropped their price target on Globant from $59.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday. Wedbush reiterated an “outperform” rating on shares of Globant in a research report on Monday, May 18th. Deutsche Bank Aktiengesellschaft set a $33.00 price target on shares of Globant in a research note on Friday. Susquehanna decreased their price target on shares of Globant from $90.00 to $78.00 and set a “positive” rating on the stock in a report on Friday, May 15th. Finally, Truist Financial lowered their price objective on shares of Globant from $54.00 to $44.00 and set a “hold” rating on the stock in a research report on Friday, May 15th. Seven analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $58.18.

Globant 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.