ABN Amro Investment Solutions Purchases Shares of 220,039 Globant S.A. $GLOB

ABN Amro Investment Solutions bought a new position in Globant S.A. (NYSE:GLOB) in the first quarter, HoldingsChannel.com reports. The fund bought 220,039 shares of the information technology services provider’s stock, valued at approximately $10,146,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Pzena Investment Management LLC acquired a new position in shares of Globant in the 1st quarter worth approximately $136,893,000. Brandes Investment Partners LP boosted its stake in Globant by 4.0% in the fourth quarter. Brandes Investment Partners LP now owns 2,400,732 shares of the information technology services provider’s stock worth $156,936,000 after purchasing an additional 91,732 shares in the last quarter. Capital International Investors grew its holdings in shares of Globant by 10.6% during the fourth quarter. Capital International Investors now owns 2,283,802 shares of the information technology services provider’s stock worth $149,292,000 after purchasing an additional 218,570 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Globant by 8.5% in the fourth quarter. Royal Bank of Canada now owns 1,777,710 shares of the information technology services provider’s stock valued at $116,209,000 after buying an additional 138,596 shares in the last quarter. Finally, Wasatch Advisors LP increased its stake in shares of Globant by 19.0% in the fourth quarter. Wasatch Advisors LP now owns 1,243,309 shares of the information technology services provider’s stock valued at $81,275,000 after buying an additional 198,318 shares in the last quarter. 91.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on GLOB. Truist Financial reduced their price target 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. Needham & Company LLC decreased their price objective on Globant from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, May 15th. Canaccord Genuity Group lowered their target price on Globant from $50.00 to $40.00 and set a “hold” rating for the company in a research note on Friday, May 15th. Wells Fargo & Company dropped their price target on shares of Globant from $50.00 to $42.00 and set an “equal weight” rating for the company in a research note on Friday, July 10th. Finally, William Blair cut Globant from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 30th. Six research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $54.62.

Globant Stock Down 4.4%

NYSE:GLOB opened at $30.70 on Thursday. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average price of $34.86 and a two-hundred day moving average price of $45.85. Globant S.A. has a 1 year low of $27.56 and a 1 year high of $94.35. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 1.21 and a beta of 1.06.

Globant (NYSE:GLOB) last posted its earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.50. Globant had a return on equity of 9.87% and a net margin of 4.46%.The business had revenue of $607.09 million during the quarter, compared to analysts’ expectations of $601.65 million. During the same period in the prior year, the business earned $1.50 EPS. Globant’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, equities analysts expect that Globant S.A. will post 4.9 earnings per share for the current year.

Globant announced that its board has initiated a stock buyback plan on Monday, May 18th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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.