ABN Amro Investment Solutions Takes Position in Globant S.A. $GLOB

Key Points

• ABN Amro Investment Solutions opened a new position in Globant during the first quarter, buying 220,039 shares valued at about $10.1 million and holding 0.50% of the company.
• Institutional ownership in Globant remains very high at 91.60%, and several other funds also increased stakes recently, including Goldman Sachs, First Trust Advisors, and Marshall Wace.
• Analysts have become more cautious on the stock: the consensus rating is now Hold with an average price target of $54.62, while shares recently traded near $30.70 after the company reported flat EPS and announced a $50 million share buyback.

ABN Amro Investment Solutions purchased a new position in Globant S.A. (NYSE:GLOB - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 220,039 shares of the information technology services provider's stock, valued at approximately $10,146,000. ABN Amro Investment Solutions owned 0.50% of Globant at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Globant in the 1st quarter worth $447,000. Goldman Sachs Group Inc. boosted its stake in Globant by 69.3% during the first quarter. Goldman Sachs Group Inc. now owns 74,237 shares of the information technology services provider's stock valued at $8,739,000 after buying an additional 30,386 shares in the last quarter. First Trust Advisors LP boosted its stake in Globant by 61.9% during the second quarter. First Trust Advisors LP now owns 102,280 shares of the information technology services provider's stock valued at $9,291,000 after buying an additional 39,122 shares in the last quarter. Marshall Wace LLP boosted its stake in Globant by 823.2% during the second quarter. Marshall Wace LLP now owns 105,894 shares of the information technology services provider's stock valued at $9,619,000 after buying an additional 94,424 shares in the last quarter. Finally, Amundi boosted its position in shares of Globant by 192.7% during the 2nd quarter. Amundi now owns 7,970 shares of the information technology services provider's stock valued at $727,000 after purchasing an additional 5,247 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on GLOB shares. Needham & Company LLC reduced their target price on shares of Globant from $60.00 to $50.00 and set a "buy" rating for the company in a report on Friday, May 15th. Wells Fargo & Company decreased their price target on Globant from $50.00 to $42.00 and set an "equal weight" rating for the company in a research report on Friday, July 10th. Itau BBA Securities cut Globant from an "outperform" rating to a "market perform" rating and set a $39.00 price target on the stock. in a research note on Wednesday, July 8th. TD Cowen cut their price objective on Globant from $59.00 to $47.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Finally, UBS Group reduced their price objective on shares of Globant from $75.00 to $50.00 and set a "neutral" rating for the company in a research note on Tuesday, May 5th. Six research analysts have rated the stock with a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Globant currently has a consensus rating of "Hold" and an average price target of $54.62.

Globant Stock Performance

Shares of GLOB opened at $30.70 on Thursday. The company has a quick ratio of 1.82, a current ratio of 1.82 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 1.21 and a beta of 1.06. Globant S.A. has a 12 month low of $27.56 and a 12 month high of $94.35. The company's fifty day moving average is $34.86 and its 200-day moving average is $45.85.

Globant (NYSE:GLOB - Get Free Report) last posted its earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, meeting the consensus estimate of $1.50. The company had revenue of $607.09 million for the quarter, compared to analyst estimates of $601.65 million. Globant had a return on equity of 9.87% and a net margin of 4.46%.The business's revenue was down .7% compared to the same quarter last year. During the same period last year, the company earned $1.50 earnings per share. Equities analysts expect that Globant S.A. will post 4.9 EPS for the current fiscal year.

Globant declared that its Board of Directors has initiated a share buyback program on Monday, May 18th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 2.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its stock is undervalued.

Globant Profile

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant's service offerings span strategy consulting, custom software engineering, digital experience design and managed services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.