Clearbridge Investments LLC Has $10.24 Million Stake in Globant S.A. $GLOB

Clearbridge Investments LLC lifted its position in shares of Globant S.A. (NYSE:GLOB) by 24.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 156,696 shares of the information technology services provider’s stock after purchasing an additional 30,631 shares during the quarter. Clearbridge Investments LLC owned 0.36% of Globant worth $10,243,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. GAMMA Investing LLC raised 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 period. Signaturefd LLC grew its holdings 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 buying an additional 190 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in shares of Globant by 7.2% during the fourth quarter. Sanctuary Advisors LLC now owns 3,801 shares of the information technology services provider’s stock valued at $248,000 after buying an additional 255 shares during the last quarter. CWM LLC grew its holdings in shares of Globant by 33.7% during the fourth quarter. CWM LLC now owns 1,151 shares of the information technology services provider’s stock valued at $75,000 after buying an additional 290 shares during the last quarter. Finally, State of Wyoming grew its holdings in shares of Globant by 38.9% during the third quarter. State of Wyoming now owns 1,225 shares of the information technology services provider’s stock valued at $70,000 after buying an additional 343 shares during the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

Globant Stock Down 1.7%

GLOB stock opened at $36.83 on Thursday. The stock’s fifty day simple moving average is $42.27 and its two-hundred day simple moving average is $53.23. The company has a current ratio of 1.82, a quick ratio of 1.82 and a debt-to-equity ratio of 0.16. Globant S.A. has a 1-year low of $32.50 and a 1-year high of $104.18. The stock has a market cap of $1.61 billion, a P/E ratio of 14.97, a P/E/G ratio of 1.37 and a beta of 1.02.

Globant (NYSE:GLOB) last posted its quarterly earnings data on Friday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, hitting the consensus estimate 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 for the quarter, compared to analysts’ expectations of $601.66 million. During the same quarter in the previous year, the firm earned $1.50 earnings per share. The business’s revenue was down .7% on a year-over-year basis. Analysts expect that Globant S.A. will post 4.93 EPS for the current year.

Globant announced that its board has initiated a share repurchase program on Monday, May 18th that authorizes the company to buyback $50.00 million in 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 usually a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

GLOB has been the subject of a number of analyst reports. Canaccord Genuity Group reduced their price objective on shares of Globant from $50.00 to $40.00 and set a “hold” rating for the company in a report on Friday, May 15th. Guggenheim dropped their target price on Globant from $80.00 to $65.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. The Goldman Sachs Group dropped their target price on Globant from $68.00 to $60.00 and set a “neutral” rating on the stock in a report on Friday, May 15th. UBS Group lowered their price target on Globant from $75.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, May 5th. Finally, Mizuho lowered their price target on Globant from $91.00 to $76.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. Eight equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Globant has a consensus rating of “Hold” and a consensus price target of $64.81.

About Globant

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.