Bell Bank Decreases Stock Position in Globant S.A. (NYSE:GLOB)

Bell Bank cut its stake in shares of Globant S.A. (NYSE:GLOB) by 16.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 5,314 shares of the information technology services provider’s stock after selling 1,064 shares during the quarter. Bell Bank’s holdings in Globant were worth $1,053,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. increased its holdings in Globant by 1,817.5% during the 3rd quarter. Victory Capital Management Inc. now owns 1,509,853 shares of the information technology services provider’s stock valued at $299,162,000 after purchasing an additional 1,431,112 shares during the period. Manning & Napier Advisors LLC purchased a new stake in Globant in the second quarter worth $99,396,000. Sei Investments Co. boosted its holdings in Globant by 43.4% in the second quarter. Sei Investments Co. now owns 512,916 shares of the information technology services provider’s stock valued at $91,432,000 after acquiring an additional 155,112 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Globant by 57.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 442,312 shares of the information technology services provider’s stock valued at $78,851,000 after purchasing an additional 161,512 shares during the period. Finally, Clearbridge Investments LLC raised its holdings in Globant by 28.4% in the 2nd quarter. Clearbridge Investments LLC now owns 339,790 shares of the information technology services provider’s stock worth $60,571,000 after purchasing an additional 75,192 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on GLOB. Canaccord Genuity Group increased their price target on shares of Globant from $175.00 to $205.00 and gave the stock a “hold” rating in a research note on Wednesday, August 21st. JPMorgan Chase & Co. lifted their price target on Globant from $237.00 to $248.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft started coverage on Globant in a research report on Thursday, August 22nd. They set a “hold” rating and a $210.00 price objective for the company. UBS Group reaffirmed a “neutral” rating and issued a $235.00 target price (up from $225.00) on shares of Globant in a research report on Tuesday, August 20th. Finally, Citigroup lifted their price objective on Globant from $240.00 to $251.00 and gave the company a “buy” rating in a research note on Monday, October 28th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $227.00.

Globant Trading Up 0.7 %

Shares of GLOB stock opened at $236.80 on Thursday. Globant S.A. has a 12-month low of $151.68 and a 12-month high of $251.50. The stock has a market capitalization of $10.20 billion, a P/E ratio of 61.83, a P/E/G ratio of 2.89 and a beta of 1.39. The firm’s 50 day moving average is $207.49 and its 200 day moving average is $190.28.

Globant (NYSE:GLOB) last released its quarterly earnings results on Thursday, August 15th. The information technology services provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.50 by $0.01. The firm had revenue of $587.46 million for the quarter, compared to the consensus estimate of $586.72 million. Globant had a return on equity of 11.68% and a net margin of 7.39%. The company’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period last year, the business posted $1.04 EPS. As a group, equities analysts predict that Globant S.A. will post 5.06 earnings per share 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.