Cynosure Group LLC Takes Position in Globant S.A. (NYSE:GLOB)

Key Points

• Cynosure Group LLC has acquired 8,631 shares of Globant S.A., valued at approximately $1,016,000, marking a notable investment in the information technology services sector.
• Analysts have mixed views on Globant, with target prices ranging from $87.00 to $165.69, and a consensus rating of "Moderate Buy" among investment analysts.
• In its latest earnings report, Globant missed revenue expectations but recorded a 7% year-over-year revenue increase, achieving $611.09 million compared to analysts' expectations of $622.18 million.

Cynosure Group LLC purchased a new position in Globant S.A. (NYSE:GLOB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 8,631 shares of the information technology services provider's stock, valued at approximately $1,016,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in Globant by 6.2% during the 1st quarter. Victory Capital Management Inc. now owns 1,704,973 shares of the information technology services provider's stock valued at $200,709,000 after acquiring an additional 98,863 shares during the period. Capital International Investors increased its holdings in shares of Globant by 13.1% during the 4th quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider's stock valued at $364,723,000 after purchasing an additional 197,064 shares in the last quarter. Manning & Napier Advisors LLC increased its holdings in shares of Globant by 86.3% during the 1st 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 in the last quarter. Westfield Capital Management Co. LP increased its holdings in shares of Globant by 209.0% during the 1st quarter. Westfield Capital Management Co. LP now owns 820,445 shares of the information technology services provider's stock valued at $96,583,000 after purchasing an additional 554,938 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its holdings in shares of Globant by 5.1% during the 4th quarter. Ameriprise Financial Inc. now owns 560,747 shares of the information technology services provider's stock valued at $120,235,000 after purchasing an additional 27,140 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Piper Sandler lowered shares of Globant from an "overweight" rating to a "neutral" rating and cut their price target for the stock from $154.00 to $116.00 in a report on Friday, May 16th. Needham & Company LLC decreased their target price on shares of Globant from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Friday, May 16th. Guggenheim reiterated a "buy" rating and set a $125.00 price target on shares of Globant in a research note on Tuesday, June 10th. The Goldman Sachs Group lowered shares of Globant from a "buy" rating to a "neutral" rating and cut their target price for the stock from $225.00 to $120.00 in a research note on Friday, May 16th. Finally, Canaccord Genuity Group reaffirmed a "hold" rating and issued a $97.00 price target (down from $165.00) on shares of Globant in a report on Thursday, June 26th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Globant presently has an average rating of "Moderate Buy" and a consensus price target of $165.69.

Globant Trading Down 0.3%

Shares of NYSE GLOB traded down $0.26 on Monday, reaching $74.42. 1,635,313 shares of the company traded hands, compared to its average volume of 1,499,599. Globant S.A. has a fifty-two week low of $73.98 and a fifty-two week high of $238.32. The company has a 50 day moving average of $89.49 and a 200 day moving average of $122.50. 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 stock has a market capitalization of $3.28 billion, a PE ratio of 22.02, a P/E/G ratio of 3.07 and a beta of 1.16.

Globant (NYSE:GLOB - Get Free Report) last issued its quarterly earnings data on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share (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 analyst estimates of $622.18 million. During the same period last year, the business earned $1.53 EPS. The firm's revenue was up 7.0% compared to the same quarter last year. On average, equities research analysts forecast that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

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.