Dalton Investments Inc. Raises Stock Position in Globant S.A. (NYSE:GLOB)

Key Points

• Dalton Investments Inc. increased its stake in Globant S.A. by 58.6%, owning 31,654 shares post-addition, making it the company's 9th largest holding.
• Several institutional investors have also raised their positions in Globant, with 91.60% of the company’s stock now held by these investors.
• Analysts have varying opinions on Globant's stock, with a recent downgrade from the Goldman Sachs Group and an average target price of $165.69 reflecting a cautious outlook.

Dalton Investments Inc. increased its position in Globant S.A. (NYSE:GLOB - Free Report) by 58.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,654 shares of the information technology services provider's stock after buying an additional 11,700 shares during the period. Globant accounts for approximately 2.0% of Dalton Investments Inc.'s investment portfolio, making the stock its 9th biggest holding. Dalton Investments Inc. owned about 0.07% of Globant worth $3,726,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Signaturefd LLC raised its position in shares of Globant by 29.7% in the first 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. Treasurer of the State of North Carolina raised its holdings in Globant by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 18,490 shares of the information technology services provider's stock valued at $3,965,000 after acquiring an additional 110 shares during the period. Blue Trust Inc. lifted its position in shares of Globant by 23.6% during the first quarter. Blue Trust Inc. now owns 607 shares of the information technology services provider's stock worth $71,000 after acquiring an additional 116 shares in the last quarter. Commerce Bank grew its position in shares of Globant by 8.8% in the fourth quarter. Commerce Bank now owns 1,873 shares of the information technology services provider's stock valued at $402,000 after purchasing an additional 151 shares in the last quarter. Finally, Benjamin Edwards Inc. raised its stake in shares of Globant by 4.8% during the 4th quarter. Benjamin Edwards Inc. now owns 3,320 shares of the information technology services provider's stock valued at $712,000 after purchasing an additional 151 shares during the period. Institutional investors own 91.60% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on GLOB shares. The Goldman Sachs Group cut shares of Globant from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $225.00 to $120.00 in a research note on Friday, May 16th. Wall Street Zen upgraded Globant from a "sell" rating to a "hold" rating in a research report on Monday, May 19th. Mizuho set a $153.00 target price on shares of Globant and gave the company an "outperform" rating in a research note on Monday, May 19th. Needham & Company LLC decreased their price target 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. Finally, Susquehanna cut their target price on shares of Globant from $225.00 to $160.00 and set a "positive" rating for the company in a research report on Wednesday, April 23rd. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, Globant has an average rating of "Moderate Buy" and an average target price of $165.69.

Globant Stock Performance

Shares of GLOB opened at $74.53 on Monday. 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 has a market cap of $3.28 billion, a P/E ratio of 22.05, a P/E/G ratio of 3.07 and a beta of 1.16. The business's 50 day moving average price is $89.89 and its 200-day moving average price is $123.41. Globant S.A. has a 52 week low of $74.15 and a 52 week high of $238.32.

Globant (NYSE:GLOB - Get Free Report) last released 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). The company had revenue of $611.09 million during 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 company's revenue was up 7.0% compared to the same quarter last year. During the same period last year, the firm posted $1.53 earnings per share. Equities research analysts anticipate that Globant S.A. will post 5.73 earnings per share for the current fiscal 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.

Want to see what other hedge funds are holding GLOB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Globant S.A. (NYSE:GLOB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.