Driehaus Capital Management LLC Sells 251,666 Shares of Globant S.A. $GLOB

Key Points

• Driehaus Capital Management LLC has drastically reduced its stake in Globant S.A. by 94.8%, selling 251,666 shares and now holding only 13,714 shares valued at approximately $1.61 million.
• Multiple analysts have adjusted their price targets for Globant, with significant decreases from firms like UBS Group and Goldman Sachs, now setting targets as low as $75.00.
• Globant reported a modest increase in revenue of 4.5% year-over-year, with earnings per share slightly exceeding analysts' estimates at $1.53 for the last quarter.

Driehaus Capital Management LLC cut its holdings in shares of Globant S.A. (NYSE:GLOB - Free Report) by 94.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,714 shares of the information technology services provider's stock after selling 251,666 shares during the period. Driehaus Capital Management LLC's holdings in Globant were worth $1,614,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its position in Globant by 262.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 562 shares of the information technology services provider's stock valued at $121,000 after purchasing an additional 407 shares during the period. Northern Trust Corp grew its stake in shares of Globant by 2.1% in the 4th quarter. Northern Trust Corp now owns 150,635 shares of the information technology services provider's stock worth $32,299,000 after acquiring an additional 3,053 shares in the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Globant by 5.1% in the 4th quarter. Ameriprise Financial Inc. now owns 560,747 shares of the information technology services provider's stock worth $120,235,000 after buying an additional 27,140 shares during the last quarter. Benjamin Edwards Inc. boosted its holdings in shares of Globant by 4.8% in the 4th quarter. Benjamin Edwards Inc. now owns 3,320 shares of the information technology services provider's stock worth $712,000 after buying an additional 151 shares during the last quarter. Finally, Bank of America Corp DE increased its stake 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 purchasing an additional 30,785 shares in the last quarter. Institutional investors own 91.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. UBS Group lowered their price target on shares of Globant from $120.00 to $75.00 and set a "neutral" rating on the stock in a report on Wednesday, August 20th. Scotiabank upgraded shares of Globant from a "sector perform" rating to a "sector outperform" rating and set a $115.00 price target on the stock in a research report on Monday, July 21st. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Globant in a research report on Thursday, July 17th. They set a "hold" rating and a $87.00 price target on the stock. Mizuho set a $153.00 target price on shares of Globant and gave the stock an "outperform" rating in a report on Monday, May 19th. Finally, The Goldman Sachs Group cut their target price on shares of Globant from $120.00 to $105.00 and set a "neutral" rating on the stock in a report on Monday, August 18th. Eight investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Globant has a consensus rating of "Moderate Buy" and an average price target of $139.47.

Globant Stock Up 0.8%

Shares of GLOB traded up $0.53 during trading hours on Friday, hitting $62.88. The company had a trading volume of 1,609,593 shares, compared to its average volume of 1,837,002. The firm has a fifty day moving average price of $79.60 and a 200-day moving average price of $104.47. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.71 and a current ratio of 1.71. Globant S.A. has a 52-week low of $61.57 and a 52-week high of $238.32. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 25.56, a P/E/G ratio of 2.74 and a beta of 1.17.

Globant (NYSE:GLOB - Get Free Report) last issued its earnings results on Thursday, August 14th. The information technology services provider reported $1.53 earnings per share for the quarter, topping analysts' consensus estimates of $1.52 by $0.01. Globant had a return on equity of 10.76% and a net margin of 4.44%.The business had revenue of $614.18 million during the quarter, compared to analyst estimates of $612.66 million. During the same quarter in the previous year, the firm earned $1.51 EPS. Globant's revenue was up 4.5% on a year-over-year basis. Globant has set its Q3 2025 guidance at 1.530- EPS. FY 2025 guidance at 6.120- EPS. On average, equities research analysts forecast that Globant S.A. will post 5.73 EPS 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.