GAMMA Investing LLC Increases Stake in Globant S.A. (NYSE:GLOB)

GAMMA Investing LLC raised its holdings in shares of Globant S.A. (NYSE:GLOB - Free Report) by 8,932.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 87,348 shares of the information technology services provider's stock after acquiring an additional 86,381 shares during the period. GAMMA Investing LLC owned about 0.20% of Globant worth $10,283,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Kestra Investment Management LLC bought a new position in shares of Globant in the fourth quarter worth approximately $38,000. Centricity Wealth Management LLC purchased a new position in Globant during the fourth quarter valued at $38,000. Van Berkom & Associates Inc. purchased a new position in shares of Globant in the 4th quarter worth about $45,000. Promus Capital LLC purchased a new position in shares of Globant in the 4th quarter worth about $64,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Globant in the 4th quarter worth about $81,000. 91.60% of the stock is currently owned by institutional investors.

Globant Trading Down 2.1%

Shares of Globant stock traded down $2.13 during trading on Wednesday, hitting $101.15. 913,886 shares of the stock traded hands, compared to its average volume of 703,252. Globant S.A. has a 52-week low of $88.03 and a 52-week high of $238.32. The stock's fifty day simple moving average is $109.95 and its 200 day simple moving average is $162.60. The firm has a market cap of $4.45 billion, a P/E ratio of 27.19, a price-to-earnings-growth ratio of 2.38 and a beta of 1.24.

Globant (NYSE:GLOB - Get Free Report) last issued its quarterly earnings results 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). The business had revenue of $611.09 million during the quarter, compared to analyst estimates of $622.18 million. Globant had a return on equity of 11.83% and a net margin of 6.86%. Globant's revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.53 EPS. As a group, equities analysts expect that Globant S.A. will post 5.73 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on GLOB. JPMorgan Chase & Co. reduced their price objective on Globant from $248.00 to $242.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Scotiabank cut their price objective on Globant from $170.00 to $140.00 and set a "sector perform" rating for the company in a research note on Tuesday, April 29th. UBS Group cut their price objective on Globant from $217.00 to $190.00 and set a "neutral" rating for the company in a research note on Wednesday, February 26th. Canaccord Genuity Group dropped their price target on Globant from $205.00 to $165.00 and set a "hold" rating for the company in a research note on Monday, February 24th. Finally, Needham & Company LLC decreased their price objective on Globant from $130.00 to $115.00 and set a "buy" rating on the stock in a report on Friday, May 16th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $179.19.

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.