Capital Research Global Investors Cuts Stock Holdings in Globant S.A. (NYSE:GLOB)

Capital Research Global Investors decreased its holdings in Globant S.A. (NYSE:GLOB - Free Report) by 18.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 228,179 shares of the information technology services provider's stock after selling 51,530 shares during the quarter. Capital Research Global Investors owned approximately 0.53% of Globant worth $48,926,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Franklin Resources Inc. grew its stake in shares of Globant by 0.6% in the third quarter. Franklin Resources Inc. now owns 12,800 shares of the information technology services provider's stock worth $2,704,000 after purchasing an additional 71 shares during the last quarter. Congress Wealth Management LLC DE grew its stake in shares of Globant by 2.9% in the fourth quarter. Congress Wealth Management LLC DE now owns 2,683 shares of the information technology services provider's stock worth $575,000 after purchasing an additional 76 shares during the last quarter. Treasurer of the State of North Carolina grew its stake in shares of Globant by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 18,490 shares of the information technology services provider's stock worth $3,965,000 after purchasing an additional 110 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Globant by 2.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,813 shares of the information technology services provider's stock worth $1,032,000 after purchasing an additional 118 shares during the last quarter. Finally, Commerce Bank grew its stake in shares of Globant by 8.8% in the fourth quarter. Commerce Bank now owns 1,873 shares of the information technology services provider's stock worth $402,000 after purchasing an additional 151 shares during the last quarter. Institutional investors own 91.60% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. UBS Group cut their price target on shares of Globant from $217.00 to $190.00 and set a "neutral" rating on the stock in a research report on Wednesday, February 26th. JPMorgan Chase & Co. cut their price target on shares of Globant from $248.00 to $242.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Jefferies Financial Group upped their price target on shares of Globant from $240.00 to $255.00 and gave the company a "buy" rating in a research report on Tuesday, January 21st. Canaccord Genuity Group cut their price target on shares of Globant from $205.00 to $165.00 and set a "hold" rating on the stock in a research report on Monday, February 24th. Finally, Susquehanna cut their price target on shares of Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a research report on Wednesday. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $205.88.

Globant Price Performance

Shares of GLOB stock traded up $0.65 on Friday, reaching $119.00. 688,782 shares of the company were exchanged, compared to its average volume of 606,808. The company has a market cap of $5.24 billion, a price-to-earnings ratio of 31.99, a PEG ratio of 2.38 and a beta of 1.50. The company has a 50-day moving average of $128.05 and a 200-day moving average of $186.65. Globant S.A. has a one year low of $96.23 and a one year high of $238.32.

Globant (NYSE:GLOB - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The information technology services provider reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.39). The business 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%. As a group, sell-side analysts predict that Globant S.A. will post 5.73 EPS for the current year.

Globant 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.