Globant S.A. (NYSE:GLOB) Shares Sold by Azimuth Capital Investment Management LLC

Key Points

• Azimuth Capital Investment Management LLC reduced its stake in Globant S.A. by 12.9%, selling 7,090 shares and owning approximately 47,909 shares worth $5.64 million as of the latest SEC filing.
• The company's stock performance showed a wide range with a 52-week low of $73.98 and a high of $238.32, with current shares priced at $78.00.
• Analysts have varied ratings on Globant, with a consensus rating of "Moderate Buy" and an average target price of $165.69, reflecting differing views on its market trajectory.

Azimuth Capital Investment Management LLC lowered its position in shares of Globant S.A. (NYSE:GLOB - Free Report) by 12.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 47,909 shares of the information technology services provider's stock after selling 7,090 shares during the quarter. Azimuth Capital Investment Management LLC owned approximately 0.11% of Globant worth $5,640,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Neuberger Berman Group LLC boosted its position in Globant by 113.5% during the first quarter. Neuberger Berman Group LLC now owns 20,930 shares of the information technology services provider's stock worth $2,477,000 after acquiring an additional 11,129 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Globant during the first quarter worth approximately $138,000. LGT Group Foundation boosted its position in Globant by 26.7% during the first quarter. LGT Group Foundation now owns 9,352 shares of the information technology services provider's stock worth $1,101,000 after acquiring an additional 1,968 shares during the last quarter. Dalton Investments Inc. boosted its position in Globant by 58.6% during the first quarter. Dalton Investments Inc. now owns 31,654 shares of the information technology services provider's stock worth $3,726,000 after acquiring an additional 11,700 shares during the last quarter. Finally, Nuveen LLC acquired a new stake in Globant during the first quarter worth approximately $58,163,000. Institutional investors and hedge funds own 91.60% of the company's stock.

Globant Stock Performance

Shares of GLOB stock opened at $78.00 on Friday. The company's fifty day simple moving average is $88.27 and its 200-day simple moving average is $120.99. Globant S.A. has a 52 week low of $73.98 and a 52 week high of $238.32. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.43 billion, a PE ratio of 23.08, a P/E/G ratio of 3.27 and a beta of 1.16.

Globant (NYSE:GLOB - Get Free Report) last issued its earnings results on Thursday, August 14th. The information technology services provider reported $1.53 EPS for the quarter, beating analysts' consensus estimates of $1.52 by $0.01. Globant had a net margin of 6.16% and a return on equity of 11.08%. The business had revenue of $614.18 million for the quarter, compared to the consensus estimate of $612.66 million. During the same quarter last year, the firm posted $1.51 EPS. The business's revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Globant S.A. will post 5.73 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on GLOB shares. Piper Sandler lowered shares of 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. Scotiabank upgraded shares of Globant from a "sector perform" rating to a "sector outperform" rating and set a $115.00 target price on the stock in a research report on Monday, July 21st. Mizuho set a $153.00 target price on shares of Globant and gave the stock an "outperform" rating in a research report on Monday, May 19th. Susquehanna decreased their target price on shares of Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a research report on Wednesday, April 23rd. Finally, The Goldman Sachs Group downgraded shares of Globant from a "buy" rating to a "neutral" rating and cut their price target for the stock from $225.00 to $120.00 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, Globant presently has an average rating of "Moderate Buy" and a consensus target price of $165.69.

About Globant

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.