Allspring Global Investments Holdings LLC Sells 307,331 Shares of Globant S.A. $GLOB

Key Points

• Allspring Global Investments Holdings LLC decreased its stake in Globant S.A. by 92.7% in Q2, selling 307,331 shares and reducing its ownership to just 24,335 shares valued at $2.25 million.
• Globant's stock experienced analyst downgrades, with UBS cutting its price target from $120 to $75 and multiple analysts adjusting their ratings to "neutral."
• The company approved a $125 million share repurchase program, indicating confidence in its stock value, while its quarterly earnings surpassed expectations with an EPS of $1.53.

Allspring Global Investments Holdings LLC cut its holdings in Globant S.A. (NYSE:GLOB - Free Report) by 92.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,335 shares of the information technology services provider's stock after selling 307,331 shares during the period. Allspring Global Investments Holdings LLC owned 0.06% of Globant worth $2,252,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of GLOB. Brooklyn Investment Group boosted its holdings in Globant by 194.4% in the 1st quarter. Brooklyn Investment Group now owns 212 shares of the information technology services provider's stock worth $25,000 after buying an additional 140 shares during the period. Physician Wealth Advisors Inc. boosted its holdings in Globant by 140.9% in the 1st quarter. Physician Wealth Advisors Inc. now owns 265 shares of the information technology services provider's stock valued at $31,000 after purchasing an additional 155 shares during the period. Bessemer Group Inc. bought a new position in Globant in the 1st quarter valued at $39,000. Farther Finance Advisors LLC boosted its holdings in Globant by 186.7% in the 1st quarter. Farther Finance Advisors LLC now owns 387 shares of the information technology services provider's stock valued at $45,000 after purchasing an additional 252 shares during the period. Finally, Signaturefd LLC boosted its holdings in Globant by 29.7% in the 1st quarter. Signaturefd LLC now owns 389 shares of the information technology services provider's stock valued at $46,000 after purchasing an additional 89 shares during the period. 91.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on GLOB shares. Weiss Ratings reissued a "sell (d+)" rating on shares of Globant in a report on Wednesday, October 8th. UBS Group cut their price target on shares of Globant from $120.00 to $75.00 and set a "neutral" rating for the company in a report on Wednesday, August 20th. JPMorgan Chase & Co. downgraded shares of Globant from an "overweight" rating to a "neutral" rating and set a $78.00 price target for the company. in a report on Friday, August 15th. The Goldman Sachs Group cut their price target on shares of Globant from $105.00 to $90.00 and set a "neutral" rating for the company in a report on Thursday, October 9th. Finally, Scotiabank raised shares of Globant from a "sector perform" rating to a "sector outperform" rating and set a $115.00 price target for the company in a report on Monday, July 21st. Eight investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Globant currently has an average rating of "Hold" and an average target price of $133.63.

Globant Stock Performance

Globant stock opened at $61.28 on Wednesday. The firm's fifty day moving average price is $61.74 and its 200-day moving average price is $86.35. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.71 and a current ratio of 1.71. The stock has a market cap of $2.70 billion, a P/E ratio of 24.91, a price-to-earnings-growth ratio of 5.53 and a beta of 1.17. Globant S.A. has a fifty-two week low of $54.36 and a fifty-two week high of $238.32.

Globant (NYSE:GLOB - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The information technology services provider reported $1.53 earnings per share for the quarter, beating the consensus estimate of $1.52 by $0.01. The firm had revenue of $614.18 million for the quarter, compared to analysts' expectations of $612.66 million. Globant had a net margin of 4.44% and a return on equity of 10.76%. The business's quarterly revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the company posted $1.51 EPS. Globant has set its Q3 2025 guidance at 1.530- EPS. FY 2025 guidance at 6.120- EPS. On average, equities research analysts expect that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Globant declared that its Board of Directors has approved a share repurchase program on Wednesday, October 1st that allows the company to repurchase $125.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire up to 5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

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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