Capital International Investors Raises Stock Holdings in Globant S.A. $GLOB

Capital International Investors lifted its holdings in shares of Globant S.A. (NYSE:GLOB) by 10.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,283,802 shares of the information technology services provider’s stock after acquiring an additional 218,570 shares during the quarter. Capital International Investors owned 5.19% of Globant worth $149,292,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Signaturefd LLC increased its position in shares of Globant by 65.1% during the fourth 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 increased 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 valued at $32,000 after acquiring an additional 407 shares during the last quarter. Larson Financial Group LLC increased 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 valued at $45,000 after acquiring an additional 578 shares during the last quarter. GAMMA Investing LLC increased 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 valued at $47,000 after acquiring an additional 182 shares during the last quarter. Finally, State of Wyoming increased its position in shares of Globant by 78.9% during the second quarter. State of Wyoming now owns 882 shares of the information technology services provider’s stock valued at $80,000 after acquiring an additional 389 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

GLOB has been the subject of a number of research analyst reports. Needham & Company LLC decreased their price target on Globant from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, May 15th. TD Cowen reduced their price objective on Globant from $74.00 to $72.00 and set a “buy” rating for the company in a report on Monday, April 6th. Wells Fargo & Company reduced their price objective on Globant from $57.00 to $50.00 and set an “equal weight” rating for the company in a report on Friday, March 27th. Canaccord Genuity Group reduced their price objective on Globant from $50.00 to $40.00 and set a “hold” rating for the company in a report on Friday, May 15th. Finally, Guggenheim reduced their price objective on Globant from $80.00 to $65.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Eight investment 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $64.81.

Globant Trading Down 0.3%

NYSE:GLOB opened at $38.18 on Tuesday. The company has a market cap of $1.67 billion, a P/E ratio of 15.52, a P/E/G ratio of 1.40 and a beta of 1.02. The stock’s fifty day moving average price is $42.59 and its two-hundred day moving average price is $53.56. Globant S.A. has a 1 year low of $32.50 and a 1 year high of $105.43. 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 posted its 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. The firm had revenue of $607.09 million for the quarter, compared to the consensus estimate of $601.66 million. Globant had a return on equity of 9.87% and a net margin of 4.46%.The business’s quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.50 earnings per share. As a group, analysts expect that Globant S.A. will post 4.93 EPS for the current year.

Globant announced that its board has initiated a stock repurchase program on Monday, May 18th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to reacquire up to 2.9% of its stock through open market purchases. Stock buyback programs are typically an indication 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.