Balyasny Asset Management L.P. Boosts Position in Globant S.A. (NYSE:GLOB)

Balyasny Asset Management L.P. raised its stake in Globant S.A. (NYSE:GLOB - Free Report) by 220.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 100,479 shares of the information technology services provider's stock after purchasing an additional 69,122 shares during the period. Balyasny Asset Management L.P. owned 0.23% of Globant worth $21,545,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in Globant in the 4th quarter valued at $16,737,000. Cullen Frost Bankers Inc. raised its stake in Globant by 5.0% in the 4th quarter. Cullen Frost Bankers Inc. now owns 52,934 shares of the information technology services provider's stock valued at $11,350,000 after acquiring an additional 2,505 shares during the period. JPMorgan Chase & Co. raised its stake in Globant by 8.6% in the 4th quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider's stock valued at $551,506,000 after acquiring an additional 203,472 shares during the period. NS Partners Ltd purchased a new position in Globant during the 4th quarter valued at about $18,933,000. Finally, Segall Bryant & Hamill LLC grew its holdings in Globant by 364.7% during the 4th quarter. Segall Bryant & Hamill LLC now owns 118,065 shares of the information technology services provider's stock valued at $25,315,000 after buying an additional 92,661 shares in the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GLOB has been the subject of several recent research reports. StockNews.com downgraded Globant from a "hold" rating to a "sell" rating in a research report on Sunday. Needham & Company LLC reaffirmed a "buy" rating and issued a $220.00 price target on shares of Globant in a research note on Wednesday, March 12th. JPMorgan Chase & Co. dropped their price target on Globant from $248.00 to $242.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Canaccord Genuity Group decreased their price objective on Globant from $205.00 to $165.00 and set a "hold" rating for the company in a report on Monday, February 24th. Finally, Piper Sandler reduced their price target on Globant from $230.00 to $154.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $204.00.

Globant Trading Up 2.0%

Shares of NYSE:GLOB traded up $2.73 during trading on Tuesday, reaching $141.11. The stock had a trading volume of 372,221 shares, compared to its average volume of 612,401. Globant S.A. has a one year low of $96.23 and a one year high of $238.32. The company has a market capitalization of $6.21 billion, a P/E ratio of 37.93, a PEG ratio of 2.38 and a beta of 1.37. The firm's 50-day simple moving average is $119.48 and its 200 day simple moving average is $179.42.

Globant (NYSE:GLOB - Get Free Report) last released its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing analysts' consensus estimates of $1.75 by ($0.39). The firm had revenue of $642.48 million during the quarter, compared to the consensus estimate of $644.42 million. Globant had a net margin of 6.86% and a return on equity of 11.83%. Equities research analysts forecast that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Globant Company Profile

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.