7,826 Shares in Globant S.A. (NYSE:GLOB) Bought by Zions Bancorporation National Association UT

Key Points

• Zions Bancorporation National Association UT acquired 7,826 shares of Globant S.A. valued at approximately $921,000 in the first quarter.
• Several institutional investors increased their stakes in Globant, with Invesco Ltd. boosting its position by 90.5% in the last quarter.
• Globant reported earnings of $1.50 per share, missing estimates and generating revenue of $611.09 million for the quarter, below analysts' expectations.

Zions Bancorporation National Association UT acquired a new stake in shares of Globant S.A. (NYSE:GLOB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 7,826 shares of the information technology services provider's stock, valued at approximately $921,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its stake in shares of Globant by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 115,147 shares of the information technology services provider's stock worth $24,690,000 after buying an additional 2,744 shares in the last quarter. Wells Fargo & Company MN increased its position in Globant by 55.3% during the fourth quarter. Wells Fargo & Company MN now owns 63,672 shares of the information technology services provider's stock worth $13,652,000 after purchasing an additional 22,671 shares during the last quarter. FMR LLC increased its position in shares of Globant by 17.4% during the fourth quarter. FMR LLC now owns 554,086 shares of the information technology services provider's stock valued at $118,807,000 after acquiring an additional 82,309 shares during the last quarter. Bank of Montreal Can increased its position in shares of Globant by 15.4% during the fourth quarter. Bank of Montreal Can now owns 24,974 shares of the information technology services provider's stock valued at $5,355,000 after acquiring an additional 3,332 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of Globant by 90.5% during the fourth quarter. Invesco Ltd. now owns 109,356 shares of the information technology services provider's stock valued at $23,448,000 after acquiring an additional 51,945 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GLOB has been the subject of a number of recent analyst reports. Mizuho set a $153.00 price target on shares of Globant and gave the company an "outperform" rating in a research report on Monday, May 19th. Susquehanna dropped their price target on shares of Globant from $225.00 to $160.00 and set a "positive" rating for the company in a research report on Wednesday, April 23rd. Needham & Company LLC lowered their price objective on shares of Globant from $130.00 to $115.00 and set a "buy" rating for the company in a research note on Friday, May 16th. Guggenheim reissued a "buy" rating and issued a $125.00 price objective on shares of Globant in a research note on Tuesday, June 10th. Finally, Piper Sandler lowered shares of Globant from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $154.00 to $116.00 in a research note on Friday, May 16th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $165.69.

Globant Stock Down 4.4%

Shares of Globant stock opened at $74.53 on Friday. Globant S.A. has a 52-week low of $74.15 and a 52-week high of $238.32. The company has a 50 day moving average of $89.89 and a 200 day moving average of $123.99. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.28 billion, a P/E ratio of 22.05, a P/E/G ratio of 3.07 and a beta of 1.16.

Globant (NYSE:GLOB - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, missing the consensus estimate of $1.58 by ($0.08). The company had revenue of $611.09 million for the quarter, compared to analysts' expectations of $622.18 million. Globant had a return on equity of 11.08% and a net margin of 6.16%. The firm's quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.53 EPS. As a group, research analysts forecast that Globant S.A. will post 5.73 EPS for the current fiscal 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.

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