Brown Advisory Inc. Acquires Shares of 352,606 Globant S.A. $GLOB

Brown Advisory Inc. acquired a new stake in shares of Globant S.A. (NYSE:GLOB) during the fourth quarter, HoldingsChannel reports. The fund acquired 352,606 shares of the information technology services provider’s stock, valued at approximately $23,050,000.

Other hedge funds also recently bought and sold shares of the company. Signaturefd LLC boosted its stake in Globant by 65.1% in the 4th quarter. Signaturefd LLC now owns 482 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 190 shares in the last quarter. Allworth Financial LP grew its holdings in Globant by 473.3% during the 4th 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 in the last quarter. Larson Financial Group LLC grew its holdings in Globant by 561.2% during the 4th quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider’s stock valued at $45,000 after buying an additional 578 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Globant by 34.3% during the 4th 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 boosted its position in shares of Globant by 78.9% during the 2nd 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. Institutional investors own 91.60% of the company’s stock.

Analyst Ratings Changes

GLOB has been the subject of several research analyst reports. Mizuho decreased their target price on Globant from $91.00 to $76.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. TD Cowen decreased their price target 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 target price on Globant from $57.00 to $50.00 and set an “equal weight” rating for the company in a research note on Friday, March 27th. Wedbush reissued an “outperform” rating on shares of Globant in a research note on Monday, May 18th. Finally, JPMorgan Chase & Co. cut their target price on Globant from $75.00 to $68.00 and set a “neutral” rating for the company in a research note on Wednesday, February 18th. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $64.81.

Globant Trading Down 1.6%

NYSE:GLOB opened at $36.91 on Tuesday. 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 12-month low of $32.50 and a 12-month high of $96.99. The firm has a market cap of $1.62 billion, a P/E ratio of 15.00, a PEG ratio of 1.37 and a beta of 1.02. The stock’s 50 day simple moving average is $41.67 and its 200-day simple moving average is $52.69.

Globant (NYSE:GLOB) last posted its earnings results on Friday, May 15th. The information technology services provider reported $1.50 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 company had revenue of $607.09 million for the quarter, compared to the consensus estimate of $601.66 million. During the same period in the previous year, the business earned $1.50 earnings per share. Globant’s quarterly revenue was down .7% compared to the same quarter last year. Equities analysts anticipate that Globant S.A. will post 4.93 EPS for the current year.

Globant declared that its Board of Directors has approved a share repurchase plan 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 reacquire up to 2.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board 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.