Globant S.A. (NYSE:GLOB) Shares Sold by Deutsche Bank AG

Key Points

• Deutsche Bank AG has reduced its holdings in Globant by 11.8%, bringing its ownership to approximately 347,366 shares valued at $40.89 million.
• Institutional investors and hedge funds now own 91.60% of Globant's stock, indicating significant confidence and investment in the company.
• Recent analyst reports on Globant show a mix of ratings, with a consensus of "Moderate Buy" and a target price average of $165.69, despite some adjustments downward by specific firms.

Deutsche Bank AG decreased its stake in Globant S.A. (NYSE:GLOB - Free Report) by 11.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 347,366 shares of the information technology services provider's stock after selling 46,579 shares during the quarter. Deutsche Bank AG owned about 0.79% of Globant worth $40,892,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of GLOB. Principal Financial Group Inc. boosted its holdings in Globant by 6.8% during the 1st quarter. Principal Financial Group Inc. now owns 134,798 shares of the information technology services provider's stock valued at $15,868,000 after acquiring an additional 8,599 shares during the period. Cetera Investment Advisers boosted its holdings in Globant by 23.7% during the 1st quarter. Cetera Investment Advisers now owns 24,926 shares of the information technology services provider's stock valued at $2,934,000 after acquiring an additional 4,774 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Globant by 15.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 22,493 shares of the information technology services provider's stock valued at $2,648,000 after acquiring an additional 2,967 shares during the period. Stephens Investment Management Group LLC boosted its holdings in Globant by 1.4% during the 1st quarter. Stephens Investment Management Group LLC now owns 291,410 shares of the information technology services provider's stock valued at $34,305,000 after acquiring an additional 3,943 shares during the period. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in Globant during the 1st quarter valued at $346,000. Hedge funds and other institutional investors own 91.60% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GLOB. Guggenheim restated a "buy" rating and set a $125.00 target price on shares of Globant in a research note on Tuesday, June 10th. Piper Sandler downgraded Globant from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $154.00 to $116.00 in a research note on Friday, May 16th. Susquehanna dropped their target price on Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a research note on Wednesday, April 23rd. Canaccord Genuity Group reissued a "hold" rating and issued a $97.00 price objective (down from $165.00) on shares of Globant in a report on Thursday, June 26th. Finally, Needham & Company LLC cut their price objective on Globant from $115.00 to $85.00 and set a "buy" rating on the stock in a report on Friday. Eight analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $153.56.

Globant Stock Performance

Shares of GLOB traded down $11.58 during midday trading on Friday, reaching $66.54. 7,477,307 shares of the stock were exchanged, compared to its average volume of 1,146,374. The company has a market capitalization of $2.93 billion, a price-to-earnings ratio of 19.69, a PEG ratio of 3.27 and a beta of 1.16. Globant S.A. has a twelve month low of $64.51 and a twelve month high of $238.32. The business's 50-day moving average price is $88.27 and its 200 day moving average price is $120.99. The company has a debt-to-equity ratio of 0.13, a current ratio of 1.56 and a quick ratio of 1.56.

Globant (NYSE:GLOB - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The information technology services provider reported $1.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.52 by $0.01. The firm had revenue of $614.18 million for the quarter, compared to analysts' expectations of $612.66 million. Globant had a return on equity of 11.08% and a net margin of 6.16%. The firm's revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.51 EPS. On average, sell-side analysts expect that Globant S.A. will post 5.73 EPS for the current fiscal year.

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.