Cerity Partners LLC Decreases Holdings in Globant S.A. (NYSE:GLOB)

Cerity Partners LLC trimmed its holdings in Globant S.A. (NYSE:GLOB - Free Report) by 27.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,137 shares of the information technology services provider's stock after selling 3,767 shares during the quarter. Cerity Partners LLC's holdings in Globant were worth $1,193,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of GLOB. Principal Financial Group Inc. grew its stake in shares of Globant by 6.8% in the first quarter. Principal Financial Group Inc. now owns 134,798 shares of the information technology services provider's stock worth $15,868,000 after acquiring an additional 8,599 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Globant by 15.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,493 shares of the information technology services provider's stock worth $2,648,000 after purchasing an additional 2,967 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in Globant in the first quarter valued at about $346,000. Bank of America Corp DE grew its position in shares of Globant by 7.5% in the fourth quarter. Bank of America Corp DE now owns 440,039 shares of the information technology services provider's stock valued at $94,353,000 after purchasing an additional 30,785 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its position in shares of Globant by 321.3% in the first quarter. DekaBank Deutsche Girozentrale now owns 9,900 shares of the information technology services provider's stock valued at $1,154,000 after purchasing an additional 7,550 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on GLOB shares. The Goldman Sachs Group downgraded shares of Globant from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $225.00 to $120.00 in a research report on Friday, May 16th. Piper Sandler downgraded shares of Globant from an "overweight" rating to a "neutral" rating and dropped their price target for the stock from $154.00 to $116.00 in a research report on Friday, May 16th. Susquehanna dropped their price target on shares of Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a research report on Wednesday, April 23rd. Mizuho set a $153.00 price target on shares of Globant and gave the stock an "outperform" rating in a research report on Monday, May 19th. Finally, Wall Street Zen upgraded shares of Globant from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $165.69.

Globant Price Performance

GLOB stock traded up $4.68 during midday trading on Friday, reaching $93.50. The company had a trading volume of 809,313 shares, compared to its average volume of 1,030,641. Globant S.A. has a 1-year low of $82.39 and a 1-year high of $238.32. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.56 and a quick ratio of 1.56. The stock has a 50 day moving average price of $93.80 and a 200-day moving average price of $134.29. The company has a market capitalization of $4.12 billion, a price-to-earnings ratio of 27.67, a price-to-earnings-growth ratio of 3.18 and a beta of 1.20.

Globant (NYSE:GLOB - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $611.09 million for the quarter, compared to the consensus estimate of $622.18 million. Globant had a return on equity of 11.08% and a net margin of 6.16%. The business's revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.53 earnings per share. Equities research analysts expect that Globant S.A. will post 5.73 earnings per share for the current year.

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.