Bank of New York Mellon Corp Sells 15,922 Shares of Globant S.A. (NYSE:GLOB)

Bank of New York Mellon Corp decreased its holdings in Globant S.A. (NYSE:GLOB - Free Report) by 6.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 222,894 shares of the information technology services provider's stock after selling 15,922 shares during the quarter. Bank of New York Mellon Corp owned 0.51% of Globant worth $26,239,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Manning & Napier Advisors LLC boosted its position in shares of Globant by 86.3% during the first quarter. Manning & Napier Advisors LLC now owns 907,659 shares of the information technology services provider's stock worth $106,850,000 after buying an additional 420,382 shares during the period. GQG Partners LLC purchased a new position in shares of Globant during the fourth quarter worth $84,906,000. Canada Pension Plan Investment Board purchased a new position in shares of Globant during the fourth quarter worth $60,913,000. JPMorgan Chase & Co. boosted its position in shares of 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 period. Finally, Capital International Investors boosted its position in shares of 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 period. Institutional investors and hedge funds own 91.60% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on GLOB. Mizuho set a $153.00 price objective on Globant and gave the company an "outperform" rating in a research note on Monday, May 19th. Guggenheim reiterated a "buy" rating and set a $125.00 target price on shares of Globant in a research report on Tuesday, June 10th. Wall Street Zen upgraded Globant from a "sell" rating to a "hold" rating in a research report on Monday, May 19th. Needham & Company LLC cut their target price on Globant from $130.00 to $115.00 and set a "buy" rating on the stock in a research report on Friday, May 16th. Finally, The Goldman Sachs Group cut Globant from a "buy" rating to a "neutral" rating and cut their target price for the stock from $225.00 to $120.00 in a research report on Friday, May 16th. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Globant currently has an average rating of "Moderate Buy" and a consensus price target of $167.25.

Globant Stock Down 1.0%

Globant stock traded down $0.89 during trading on Friday, reaching $84.28. 1,008,549 shares of the company's stock were exchanged, compared to its average volume of 747,310. The company's 50-day moving average is $97.66 and its two-hundred day moving average is $137.30. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.56 and a current ratio of 1.56. Globant S.A. has a 52-week low of $82.39 and a 52-week high of $238.32. The firm has a market cap of $3.71 billion, a price-to-earnings ratio of 24.93, a PEG ratio of 2.60 and a beta of 1.20.

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