Allspring Global Investments Holdings LLC Sells 296,483 Shares of Globant S.A. (NYSE:GLOB)

Allspring Global Investments Holdings LLC lowered its stake in shares of Globant S.A. (NYSE:GLOB - Free Report) by 47.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 331,666 shares of the information technology services provider's stock after selling 296,483 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.75% of Globant worth $38,467,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in GLOB. Mirae Asset Global Investments Co. Ltd. increased its holdings in Globant by 15.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,493 shares of the information technology services provider's stock valued at $2,648,000 after buying an additional 2,967 shares during the last quarter. Border to Coast Pensions Partnership Ltd increased its holdings in shares of Globant by 53.0% in the 1st quarter. Border to Coast Pensions Partnership Ltd now owns 136,994 shares of the information technology services provider's stock valued at $16,127,000 after acquiring an additional 47,455 shares during the last quarter. Artemis Investment Management LLP increased its stake in Globant by 69.9% during the first quarter. Artemis Investment Management LLP now owns 44,058 shares of the information technology services provider's stock valued at $5,187,000 after purchasing an additional 18,124 shares during the last quarter. Bessemer Group Inc. acquired a new stake in Globant during the first quarter worth about $39,000. Finally, Oppenheimer & Co. Inc. lifted its holdings in shares of Globant by 78.5% in the 1st quarter. Oppenheimer & Co. Inc. now owns 13,680 shares of the information technology services provider's stock worth $1,610,000 after purchasing an additional 6,015 shares during the last quarter. 91.60% of the stock is owned by institutional investors and hedge funds.

Globant Stock Performance

Globant stock traded down $1.40 on Wednesday, reaching $91.16. 887,984 shares of the stock were exchanged, compared to its average volume of 728,622. The stock has a market cap of $4.01 billion, a PE ratio of 26.97, a PEG ratio of 2.85 and a beta of 1.20. The firm has a fifty day moving average price of $105.97 and a two-hundred day moving average price of $149.13. Globant S.A. has a twelve month low of $86.02 and a twelve month high of $238.32. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.13.

Globant (NYSE:GLOB - Get Free Report) last released its earnings results on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.58 by ($0.08). Globant had a net margin of 6.16% and a return on equity of 11.08%. The business had revenue of $611.09 million during the quarter, compared to analyst estimates of $622.18 million. During the same period last year, the business earned $1.53 EPS. The business's quarterly revenue was up 7.0% compared to the same quarter last year. Sell-side analysts anticipate that Globant S.A. will post 5.73 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on GLOB shares. Susquehanna reduced their target price on shares of Globant from $225.00 to $160.00 and set a "positive" rating for the company in a research note on Wednesday, April 23rd. Piper Sandler lowered Globant from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $154.00 to $116.00 in a research note on Friday, May 16th. Scotiabank cut their price target on shares of Globant from $170.00 to $140.00 and set a "sector perform" rating on the stock in a report on Tuesday, April 29th. Guggenheim restated a "buy" rating and set a $125.00 price objective on shares of Globant in a research report on Tuesday, June 10th. Finally, Mizuho set a $153.00 price target on shares of Globant and gave the company an "outperform" rating in a report on Monday, May 19th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $174.94.

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.