Edgestream Partners L.P. Takes $902,000 Position in Globant S.A. (NYSE:GLOB)

Edgestream Partners L.P. purchased a new stake in shares of Globant S.A. (NYSE:GLOB - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 7,663 shares of the information technology services provider's stock, valued at approximately $902,000.

Several other hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in shares of Globant by 6.8% during 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 shares of Globant by 15.2% during the 1st 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 acquiring an additional 2,967 shares in the last quarter. Stephens Investment Management Group LLC boosted its stake in shares of Globant by 1.4% during the 1st quarter. Stephens Investment Management Group LLC now owns 291,410 shares of the information technology services provider's stock worth $34,305,000 after acquiring an additional 3,943 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Globant during the 1st quarter worth $346,000. Finally, Bank of America Corp DE boosted its stake in shares of Globant by 7.5% during the 4th quarter. Bank of America Corp DE now owns 440,039 shares of the information technology services provider's stock worth $94,353,000 after acquiring an additional 30,785 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Globant Price Performance

NYSE GLOB opened at $84.28 on Friday. Globant S.A. has a twelve month low of $82.39 and a twelve month high of $238.32. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a market capitalization of $3.71 billion, a PE ratio of 24.93, a P/E/G ratio of 2.60 and a beta of 1.20. The stock has a 50-day simple moving average of $97.66 and a 200 day simple moving average of $137.30.

Globant (NYSE:GLOB - Get Free Report) last posted its quarterly earnings data 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). Globant had a return on equity of 11.08% and a net margin of 6.16%. The business had revenue of $611.09 million for the quarter, compared to analyst estimates of $622.18 million. During the same period in the prior year, the firm posted $1.53 EPS. Globant's revenue for the quarter was up 7.0% on a year-over-year basis. Research analysts anticipate that Globant S.A. will post 5.73 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GLOB shares. Mizuho set a $153.00 price objective on Globant and gave the stock an "outperform" rating in a research note on Monday, May 19th. Needham & Company LLC decreased their target price on Globant from $130.00 to $115.00 and set a "buy" rating for the company in a research report on Friday, May 16th. Piper Sandler cut Globant from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $154.00 to $116.00 in a research report on Friday, May 16th. Canaccord Genuity Group reaffirmed a "hold" rating and issued a $97.00 target price (down previously from $165.00) on shares of Globant in a research report on Thursday, June 26th. Finally, The Goldman Sachs Group cut Globant from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $225.00 to $120.00 in a research report on Friday, May 16th. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Globant presently has an average rating of "Moderate Buy" and a consensus price target of $167.25.

Globant 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.

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