Bamco Inc. NY Decreases Stock Holdings in Globant S.A. (NYSE:GLOB)

Bamco Inc. NY lowered its stake in shares of Globant S.A. (NYSE:GLOB) by 0.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 95,901 shares of the information technology services provider’s stock after selling 816 shares during the period. Bamco Inc. NY owned about 0.22% of Globant worth $19,362,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Jennison Associates LLC lifted its holdings in shares of Globant by 289.5% in the fourth quarter. Jennison Associates LLC now owns 960,833 shares of the information technology services provider’s stock valued at $228,659,000 after purchasing an additional 714,162 shares in the last quarter. Norges Bank purchased a new stake in shares of Globant in the fourth quarter valued at about $114,922,000. Wasatch Advisors LP lifted its holdings in shares of Globant by 6.8% in the first 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 in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Globant by 36.7% in the fourth 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 purchasing an additional 189,204 shares in the last quarter. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Globant by 65.7% in the fourth 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. Hedge funds and other institutional investors own 91.60% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on GLOB. TD Cowen reduced their price target on shares of Globant from $235.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, May 17th. Piper Sandler reissued an “overweight” rating and issued a $238.00 price objective on shares of Globant in a research report on Tuesday, July 23rd. Redburn Atlantic began coverage on shares of Globant in a research report on Friday, May 24th. They issued a “sell” rating and a $135.00 price objective for the company. HSBC cut their price objective on shares of Globant from $275.00 to $270.00 and set a “buy” rating for the company in a research report on Wednesday, April 3rd. Finally, KeyCorp cut their price objective on shares of Globant from $272.00 to $220.00 and set an “overweight” rating for the company in a research report on Friday, May 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, Globant presently has an average rating of “Moderate Buy” and an average target price of $216.72.

Globant Stock Down 2.3 %

Shares of GLOB stock traded down $4.47 during mid-day trading on Friday, reaching $192.60. The company’s stock had a trading volume of 625,085 shares, compared to its average volume of 513,173. The company’s 50 day simple moving average is $173.56 and its 200-day simple moving average is $196.94. Globant S.A. has a 12-month low of $151.68 and a 12-month high of $251.50. The firm has a market capitalization of $8.30 billion, a PE ratio of 50.55, a price-to-earnings-growth ratio of 1.99 and a beta of 1.41.

Globant (NYSE:GLOB) last issued its earnings results on Thursday, May 16th. The information technology services provider reported $1.19 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $570.72 million. As a group, research analysts anticipate that Globant S.A. will post 5 EPS for the current fiscal 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.