Globant S.A. (NYSE:GLOB) Shares Purchased by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP significantly increased its stake in Globant S.A. by 209.0%, now holding 820,445 shares valued at approximately $96.58 million.
• Globant's quarterly earnings report showed a revenue of $611.09 million, falling short of analysts' expectations and resulting in an earnings per share of $1.50, below the predicted $1.58.
• Analysts have varying ratings and price targets for Globant, with an average consensus price target of $165.69, indicating a "Moderate Buy" sentiment among market experts.

Westfield Capital Management Co. LP increased its stake in shares of Globant S.A. (NYSE:GLOB - Free Report) by 209.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 820,445 shares of the information technology services provider's stock after purchasing an additional 554,938 shares during the period. Westfield Capital Management Co. LP owned 1.86% of Globant worth $96,583,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Jupiter Asset Management Ltd. raised its holdings in Globant by 21.9% in the 1st quarter. Jupiter Asset Management Ltd. now owns 84,700 shares of the information technology services provider's stock valued at $9,971,000 after acquiring an additional 15,217 shares during the last quarter. Blueshift Asset Management LLC acquired a new position in Globant in the 1st quarter valued at $480,000. XTX Topco Ltd acquired a new position in Globant in the 1st quarter valued at $397,000. Premier Fund Managers Ltd acquired a new position in Globant in the 1st quarter valued at $214,000. Finally, LPL Financial LLC raised its holdings in Globant by 32.1% in the 1st quarter. LPL Financial LLC now owns 41,376 shares of the information technology services provider's stock valued at $4,755,000 after acquiring an additional 10,054 shares during the last quarter. 91.60% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GLOB has been the subject of several research reports. Guggenheim reissued a "buy" rating and set a $125.00 price objective on shares of Globant in a research note on Tuesday, June 10th. The Goldman Sachs Group cut shares of Globant from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $225.00 to $120.00 in a research note on Friday, May 16th. Susquehanna lowered their price objective on shares of Globant from $225.00 to $160.00 and set a "positive" rating for the company in a research note on Wednesday, April 23rd. Scotiabank raised shares of Globant from a "sector perform" rating to a "sector outperform" rating and set a $115.00 price objective for the company in a research note on Monday, July 21st. Finally, Piper Sandler cut shares of Globant from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $154.00 to $116.00 in a research note on Friday, May 16th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $165.69.

Globant Stock Performance

NYSE:GLOB opened at $79.78 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.56 and a quick ratio of 1.56. The firm has a 50-day moving average of $91.99 and a two-hundred day moving average of $128.02. The stock has a market cap of $3.51 billion, a P/E ratio of 23.60, a PEG ratio of 3.28 and a beta of 1.16. Globant S.A. has a 1-year low of $79.48 and a 1-year high of $238.32.

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 analysts' consensus estimates of $1.58 by ($0.08). The firm had revenue of $611.09 million during the quarter, compared to analysts' expectations of $622.18 million. Globant had a net margin of 6.16% and a return on equity of 11.08%. The business's quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.53 earnings per share. On average, research analysts expect that Globant S.A. will post 5.73 earnings per share for the current fiscal year.

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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