Globant S.A. (NYSE:GLOB) Shares Sold by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its holdings in shares of Globant S.A. (NYSE:GLOB) by 4.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 103,872 shares of the information technology services provider’s stock after selling 4,898 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Globant were worth $20,972,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in GLOB. Wasatch Advisors LP lifted its holdings in shares of Globant by 6.8% in the 1st quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock valued at $673,693,000 after purchasing an additional 213,049 shares during the last quarter. Capital International Investors boosted its holdings in shares of Globant by 0.5% in the fourth quarter. Capital International Investors now owns 1,323,859 shares of the information technology services provider’s stock valued at $315,052,000 after acquiring an additional 6,707 shares during the period. Jennison Associates LLC grew its position in shares of Globant by 289.5% during the fourth quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider’s stock worth $228,659,000 after acquiring an additional 714,162 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Globant by 36.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 705,090 shares of the information technology services provider’s stock valued at $167,797,000 after acquiring an additional 189,204 shares during the period. Finally, Norges Bank purchased a new stake in Globant in the 4th quarter valued at $114,922,000. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on GLOB shares. Canaccord Genuity Group lowered their price objective on shares of Globant from $230.00 to $175.00 and set a “hold” rating on the stock in a research report on Friday, May 17th. TD Cowen dropped their price target on Globant from $235.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, May 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 price objective on shares of Globant in a research report on Thursday, June 13th. JPMorgan Chase & Co. dropped their target price on Globant from $273.00 to $257.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Finally, Redburn Atlantic initiated coverage on Globant in a report on Friday, May 24th. They set a “sell” rating and a $135.00 price target for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $216.72.

Globant Price Performance

Globant stock traded down $4.45 during trading hours on Wednesday, hitting $196.44. The stock had a trading volume of 307,095 shares, compared to its average volume of 510,633. Globant S.A. has a 1-year low of $151.68 and a 1-year high of $251.50. The stock has a market capitalization of $8.46 billion, a price-to-earnings ratio of 52.33, a PEG ratio of 2.02 and a beta of 1.41. The stock’s fifty day moving average is $170.68 and its two-hundred day moving average is $198.77.

Globant (NYSE:GLOB) last issued its quarterly earnings data on Thursday, May 16th. The information technology services provider reported $1.19 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.01. Globant had a net margin of 7.62% and a return on equity of 11.60%. The business had revenue of $571.08 million during the quarter, compared to analysts’ expectations of $570.72 million. As a group, sell-side analysts anticipate that Globant S.A. will post 5 EPS for the current year.

About Globant

Globant SA, together with its subsidiaries, provides technology services worldwide. It provides digital solutions comprising blockchain, cloud technologies, cybersecurity, data and artificial intelligence, digital experience and performance, code, Internet of Things, metaverse, and engineering and testing; and enterprise technology solutions and services, such as Agile organization, Cultural Hacking, process optimization services, as well as AWS, Google Cloud, Microsoft, Oracle, SalesForce, SAP, and ServiceNow technology solutions.