Royal Bank of Canada Has $54.49 Million Position in Globant S.A. (NYSE:GLOB)

Royal Bank of Canada grew its holdings in Globant S.A. (NYSE:GLOB - Free Report) by 15.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 254,107 shares of the information technology services provider's stock after purchasing an additional 33,921 shares during the period. Royal Bank of Canada owned about 0.59% of Globant worth $54,486,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in Globant by 8.6% during the fourth quarter. JPMorgan Chase & Co. now owns 2,572,080 shares of the information technology services provider's stock worth $551,506,000 after buying an additional 203,472 shares during the last quarter. Capital International Investors increased its holdings in Globant by 13.1% during the fourth quarter. Capital International Investors now owns 1,700,519 shares of the information technology services provider's stock worth $364,723,000 after buying an additional 197,064 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Globant by 6.4% during the fourth quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider's stock worth $344,382,000 after buying an additional 96,257 shares during the last quarter. Jennison Associates LLC increased its holdings in Globant by 0.6% during the fourth quarter. Jennison Associates LLC now owns 802,547 shares of the information technology services provider's stock worth $172,082,000 after buying an additional 4,970 shares during the last quarter. Finally, Sei Investments Co. boosted its position in Globant by 3.5% during the fourth quarter. Sei Investments Co. now owns 602,802 shares of the information technology services provider's stock worth $129,252,000 after purchasing an additional 20,365 shares during the period. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Globant Trading Up 0.5%

Globant stock traded up $0.49 during trading hours on Tuesday, reaching $101.11. 156,064 shares of the stock were exchanged, compared to its average volume of 683,890. The company has a market cap of $4.45 billion, a P/E ratio of 27.14, a price-to-earnings-growth ratio of 2.38 and a beta of 1.37. Globant S.A. has a twelve month low of $88.03 and a twelve month high of $238.32. The stock has a 50 day moving average of $115.10 and a two-hundred day moving average of $172.06.

Globant (NYSE:GLOB - Get Free Report) last announced its quarterly earnings data on Thursday, May 15th. The information technology services provider reported $1.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.58 by ($0.08). Globant had a return on equity of 11.83% and a net margin of 6.86%. The firm had revenue of $611.09 million for the quarter, compared to analyst estimates of $622.18 million. During the same quarter in the previous year, the company earned $1.53 earnings per share. The company's quarterly revenue was up 7.0% on a year-over-year basis. On average, analysts expect that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

GLOB has been the subject of a number of research analyst reports. Wall Street Zen raised shares of Globant from a "sell" rating to a "hold" rating in a research report on Monday, May 19th. The Goldman Sachs Group cut shares of Globant from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $225.00 to $120.00 in a research report on Friday, May 16th. Susquehanna reduced 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. Canaccord Genuity Group reduced their target price on shares of Globant from $205.00 to $165.00 and set a "hold" rating for the company in a research report on Monday, February 24th. Finally, Mizuho set a $153.00 target price on shares of Globant and gave the company an "outperform" rating in a research report on Monday, May 19th. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat.com, Globant currently has a consensus rating of "Moderate Buy" and a consensus target price of $179.19.

Globant Company 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.