First Trust Advisors LP Decreases Stock Position in Globant S.A. $GLOB

First Trust Advisors LP cut its position in Globant S.A. (NYSE:GLOB - Free Report) by 35.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 282,169 shares of the information technology services provider's stock after selling 157,391 shares during the quarter. First Trust Advisors LP owned 0.64% of Globant worth $13,011,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of GLOB. Signaturefd LLC increased its holdings in Globant by 65.1% during the 4th quarter. Signaturefd LLC now owns 482 shares of the information technology services provider's stock worth $32,000 after purchasing an additional 190 shares during the last quarter. Sanctuary Advisors LLC boosted its stake in shares of Globant by 7.2% during the 4th quarter. Sanctuary Advisors LLC now owns 3,801 shares of the information technology services provider's stock valued at $248,000 after buying an additional 255 shares during the last quarter. CWM LLC grew its position in shares of Globant by 33.7% during the fourth quarter. CWM LLC now owns 1,151 shares of the information technology services provider's stock worth $75,000 after buying an additional 290 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Globant by 27.1% during the first quarter. Parallel Advisors LLC now owns 1,735 shares of the information technology services provider's stock worth $80,000 after buying an additional 370 shares in the last quarter. Finally, IHT Wealth Management LLC increased its stake in shares of Globant by 9.4% in the second quarter. IHT Wealth Management LLC now owns 4,390 shares of the information technology services provider's stock worth $399,000 after buying an additional 376 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Globant Stock Performance

Globant stock opened at $36.43 on Friday. The company has a market cap of $1.60 billion, a PE ratio of 14.81, a P/E/G ratio of 1.43 and a beta of 1.06. The company has a fifty day moving average price of $34.24 and a two-hundred day moving average price of $44.42. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.82 and a quick ratio of 1.82. Globant S.A. has a 12 month low of $27.56 and a 12 month high of $89.37.

Globant (NYSE:GLOB - Get Free Report) last released its earnings results on Friday, May 15th. The information technology services provider reported $1.50 earnings per share for the quarter, meeting the consensus estimate of $1.50. Globant had a net margin of 4.46% and a return on equity of 9.87%. The firm had revenue of $607.09 million during the quarter, compared to analyst estimates of $601.65 million. During the same quarter in the previous year, the firm earned $1.50 earnings per share. The firm's revenue for the quarter was down .7% compared to the same quarter last year. Research analysts expect that Globant S.A. will post 4.9 earnings per share for the current year.

Globant announced that its board has authorized a stock repurchase program on Monday, May 18th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the information technology services provider to buy up to 2.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GLOB shares. TD Cowen cut their price target on shares of Globant from $59.00 to $47.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft set a $33.00 target price on shares of Globant in a research report on Friday, July 10th. Truist Financial cut their target price on shares of Globant from $54.00 to $44.00 and set a "hold" rating on the stock in a research note on Friday, May 15th. Susquehanna reduced their price target on shares of Globant from $90.00 to $78.00 and set a "positive" rating on the stock in a research report on Friday, May 15th. Finally, Itau BBA Securities downgraded Globant from an "outperform" rating to a "market perform" rating and set a $39.00 price target for the company. in a research note on Wednesday, July 8th. Six equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Globant currently has an average rating of "Hold" and a consensus price target of $52.75.

Globant Profile

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant's service offerings span strategy consulting, custom software engineering, digital experience design and managed services.

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