Cullen Frost Bankers Inc. Reduces Holdings in Globant S.A. (NYSE:GLOB)

Cullen Frost Bankers Inc. trimmed its holdings in shares of Globant S.A. (NYSE:GLOB - Free Report) by 10.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,458 shares of the information technology services provider's stock after selling 5,476 shares during the quarter. Cullen Frost Bankers Inc. owned 0.11% of Globant worth $5,587,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Principal Financial Group Inc. grew its stake in Globant by 6.8% in the 1st 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. boosted its stake 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 acquiring an additional 2,967 shares in the last quarter. Stephens Investment Management Group LLC boosted its stake in Globant by 1.4% in the first quarter. Stephens Investment Management Group LLC now owns 291,410 shares of the information technology services provider's stock valued at $34,305,000 after acquiring an additional 3,943 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Globant in the first quarter worth $346,000. Finally, Bank of America Corp DE raised its holdings 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 worth $94,353,000 after buying an additional 30,785 shares during the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Globant Trading Down 1.0%

GLOB stock traded down $0.89 during trading on Friday, reaching $84.28. 1,008,549 shares of the stock were exchanged, compared to its average volume of 747,310. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $97.66 and a 200-day moving average price of $137.30. Globant S.A. has a 1 year low of $82.39 and a 1 year high of $238.32. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of 24.93, a P/E/G ratio of 2.98 and a beta of 1.20.

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

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Piper Sandler cut shares of Globant from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $154.00 to $116.00 in a report on Friday, May 16th. Canaccord Genuity Group reissued a "hold" rating and set a $97.00 target price (down previously from $165.00) on shares of Globant in a report on Thursday, June 26th. Wall Street Zen upgraded shares of Globant from a "sell" rating to a "hold" rating in a research report on Monday, May 19th. The Goldman Sachs Group lowered shares of Globant from a "buy" rating to a "neutral" rating and dropped their price target for the company from $225.00 to $120.00 in a research report on Friday, May 16th. Finally, Guggenheim restated a "buy" rating and set a $125.00 price target on shares of Globant in a research report on Tuesday, June 10th. Eight research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $167.25.

Globant Company 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.