Globant S.A. (NYSE:GLOB) Shares Sold by Capital Group Investment Management PTE. LTD.

Capital Group Investment Management PTE. LTD. lowered its holdings in Globant S.A. (NYSE:GLOB) by 25.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,461 shares of the information technology services provider’s stock after selling 500 shares during the period. Capital Group Investment Management PTE. LTD.’s holdings in Globant were worth $295,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Jennison Associates LLC boosted its position in Globant by 289.5% in the 4th quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider’s stock valued at $228,659,000 after buying an additional 714,162 shares during the period. Norges Bank acquired a new position in Globant during the 4th quarter worth $114,922,000. Wasatch Advisors LP grew its stake in Globant by 6.8% during the 1st quarter. Wasatch Advisors LP now owns 3,336,764 shares of the information technology services provider’s stock worth $673,693,000 after purchasing an additional 213,049 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Globant by 36.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 705,090 shares of the information technology services provider’s stock worth $167,797,000 after purchasing an additional 189,204 shares during the period. Finally, CIBC Private Wealth Group LLC raised its position in Globant by 65.7% in the 4th quarter. CIBC Private Wealth Group LLC now owns 405,124 shares of the information technology services provider’s stock valued at $96,411,000 after purchasing an additional 160,616 shares in the last quarter. Institutional investors and hedge funds own 91.60% of the company’s stock.

Globant Stock Performance

GLOB traded down $4.45 during trading on Friday, hitting $192.62. The stock had a trading volume of 625,028 shares, compared to its average volume of 517,277. The firm has a market capitalization of $8.30 billion, a P/E ratio of 50.56, a PEG ratio of 1.98 and a beta of 1.41. Globant S.A. has a twelve month low of $151.68 and a twelve month high of $251.50. The company’s 50-day moving average price is $173.06 and its 200 day moving average price is $197.58.

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

Analyst Ratings Changes

A number of research firms recently weighed in on GLOB. Redburn Atlantic assumed coverage on shares of Globant in a research note on Friday, May 24th. They set a “sell” rating and a $135.00 target price on the stock. UBS Group raised shares of Globant from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $240.00 to $230.00 in a research report on Tuesday, May 28th. TD Cowen cut their price target on Globant from $235.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, May 17th. Mizuho dropped their price objective on Globant from $279.00 to $252.00 and set a “buy” rating on the stock in a report on Wednesday, May 22nd. Finally, Canaccord Genuity Group decreased their target price on Globant from $230.00 to $175.00 and set a “hold” rating for the company in a research note on Friday, May 17th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $216.72.

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.