Blueshift Asset Management LLC Makes New $480,000 Investment in Globant S.A. (NYSE:GLOB)

Key Points

• Blueshift Asset Management LLC has acquired a new position in Globant S.A., purchasing 4,077 shares valued at approximately $480,000.
• Recent analyst reports indicate a "Moderate Buy" rating for Globant, with a target price averaging $165.69, despite various revisions and ratings from multiple investment firms.
• Globant's most recent earnings report showed a missed EPS estimate of $1.50, with revenue of $611.09 million, slightly below analyst expectations of $622.18 million.

Blueshift Asset Management LLC acquired a new position in Globant S.A. (NYSE:GLOB - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,077 shares of the information technology services provider's stock, valued at approximately $480,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GLOB. Manning & Napier Advisors LLC grew its holdings in Globant by 86.3% during the first quarter. Manning & Napier Advisors LLC now owns 907,659 shares of the information technology services provider's stock valued at $106,850,000 after purchasing an additional 420,382 shares during the period. Canada Pension Plan Investment Board acquired a new stake in Globant during the 4th quarter worth $60,913,000. Capital International Investors lifted its holdings in Globant by 13.1% during the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider's stock worth $364,723,000 after acquiring an additional 197,064 shares in the last quarter. Itau Unibanco Holding S.A. acquired a new position in Globant in the fourth quarter valued at about $26,629,000. Finally, Victory Capital Management Inc. raised its position in shares of Globant by 6.2% during the first quarter. Victory Capital Management Inc. now owns 1,704,973 shares of the information technology services provider's stock worth $200,709,000 after purchasing an additional 98,863 shares during the period. 91.60% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Mizuho set a $153.00 target price on Globant and gave the stock an "outperform" rating in a research note on Monday, May 19th. Piper Sandler downgraded Globant from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $154.00 to $116.00 in a research note on Friday, May 16th. Scotiabank raised Globant from a "sector perform" rating to a "sector outperform" rating and set a $115.00 price objective for the company in a research report on Monday, July 21st. Guggenheim reaffirmed a "buy" rating and set a $125.00 price target on shares of Globant in a research note on Tuesday, June 10th. Finally, Needham & Company LLC lowered their price objective on shares of Globant from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Globant has an average rating of "Moderate Buy" and a consensus price target of $165.69.

Globant Price Performance

Shares of NYSE GLOB traded up $1.75 during midday trading on Monday, reaching $81.54. 1,147,675 shares of the company were exchanged, compared to its average volume of 1,054,509. Globant S.A. has a one year low of $79.48 and a one year high of $238.32. The stock has a market cap of $3.59 billion, a P/E ratio of 24.10, a PEG ratio of 3.28 and a beta of 1.16. 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 stock's 50-day moving average price is $91.99 and its 200-day moving average price is $128.02.

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