Brandes Investment Partners LP Purchases 91,732 Shares of Globant S.A. $GLOB

Brandes Investment Partners LP lifted its position in Globant S.A. (NYSE:GLOB) by 4.0% during the 4th quarter, Holdings Channel reports. The firm owned 2,400,732 shares of the information technology services provider’s stock after buying an additional 91,732 shares during the quarter. Globant makes up 1.2% of Brandes Investment Partners LP’s investment portfolio, making the stock its 29th biggest holding. Brandes Investment Partners LP owned about 0.05% of Globant worth $156,936,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in GLOB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Globant in the 1st quarter worth about $447,000. Goldman Sachs Group Inc. grew its holdings in shares of Globant by 69.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider’s stock worth $8,739,000 after purchasing an additional 30,386 shares during the last quarter. First Trust Advisors LP grew its holdings in shares of Globant by 61.9% in the 2nd quarter. First Trust Advisors LP now owns 102,280 shares of the information technology services provider’s stock worth $9,291,000 after purchasing an additional 39,122 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Globant by 823.2% in the 2nd quarter. Marshall Wace LLP now owns 105,894 shares of the information technology services provider’s stock worth $9,619,000 after purchasing an additional 94,424 shares during the last quarter. Finally, Amundi grew its holdings in shares of Globant by 192.7% in the 2nd quarter. Amundi now owns 7,970 shares of the information technology services provider’s stock worth $727,000 after purchasing an additional 5,247 shares during the last quarter. Institutional investors own 91.60% of the company’s stock.

Analysts Set New Price Targets

GLOB has been the topic of a number of research analyst reports. Needham & Company LLC decreased their price objective on shares of Globant from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Friday, May 15th. TD Cowen decreased their price objective on shares of Globant from $74.00 to $72.00 and set a “buy” rating on the stock in a report on Monday, April 6th. Truist Financial decreased their price objective on shares of Globant from $54.00 to $44.00 and set a “hold” rating on the stock in a report on Friday, May 15th. JPMorgan Chase & Co. decreased their price objective on shares of Globant from $75.00 to $68.00 and set a “neutral” rating on the stock in a report on Wednesday, February 18th. Finally, Wells Fargo & Company decreased their price objective on shares of Globant from $57.00 to $50.00 and set an “equal weight” rating on the stock in a report on Friday, March 27th. Eight research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $64.81.

Globant Stock Performance

Shares of NYSE:GLOB opened at $37.33 on Wednesday. The company has a market capitalization of $1.64 billion, a price-to-earnings ratio of 15.18, a P/E/G ratio of 1.39 and a beta of 1.02. The firm’s 50 day simple moving average is $42.44 and its 200 day simple moving average is $53.39. 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 S.A. has a fifty-two week low of $32.50 and a fifty-two week high of $105.43.

Globant (NYSE:GLOB) last announced its quarterly earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.50. The business had revenue of $607.09 million for the quarter, compared to the consensus estimate of $601.66 million. Globant had a net margin of 4.46% and a return on equity of 9.87%. Globant’s revenue for the quarter was down .7% on a year-over-year basis. During the same period last year, the company posted $1.50 EPS. As a group, sell-side analysts forecast that Globant S.A. will post 4.93 earnings per share for the current year.

Globant announced that its Board of Directors has authorized a share repurchase 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 purchase up to 2.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

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.