JPMorgan Chase & Co. Lowers Stock Position in Globant S.A. (NYSE:GLOB)

Key Points

• JPMorgan Chase & Co. has reduced its stake in Globant S.A. by 31.2%, now holding 1,770,545 shares worth approximately $208.4 million.
• Various other institutional investors have significantly increased their holdings in Globant, including a 140.9% increase by Physician Wealth Advisors Inc.
• Globant has seen a mixture of analyst ratings with a consensus average rating of "Moderate Buy" and a price target range between $87.00 and $165.69.

JPMorgan Chase & Co. trimmed its holdings in Globant S.A. (NYSE:GLOB - Free Report) by 31.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,770,545 shares of the information technology services provider's stock after selling 801,535 shares during the period. JPMorgan Chase & Co. owned approximately 4.02% of Globant worth $208,429,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in GLOB. Physician Wealth Advisors Inc. lifted its stake in Globant by 140.9% during the first quarter. Physician Wealth Advisors Inc. now owns 265 shares of the information technology services provider's stock worth $31,000 after purchasing an additional 155 shares in the last quarter. Bessemer Group Inc. acquired a new position in Globant during the first quarter worth $39,000. Farther Finance Advisors LLC lifted its stake in Globant by 186.7% during the first quarter. Farther Finance Advisors LLC now owns 387 shares of the information technology services provider's stock worth $45,000 after purchasing an additional 252 shares in the last quarter. Signaturefd LLC lifted its stake in Globant by 29.7% during the first quarter. Signaturefd LLC now owns 389 shares of the information technology services provider's stock worth $46,000 after purchasing an additional 89 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Globant by 262.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 562 shares of the information technology services provider's stock worth $121,000 after purchasing an additional 407 shares in the last quarter. 91.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GLOB shares. Deutsche Bank Aktiengesellschaft started coverage on Globant in a research note on Thursday, July 17th. They issued a "hold" rating and a $87.00 price objective on the stock. Canaccord Genuity Group restated a "hold" rating and issued a $97.00 price target (down from $165.00) on shares of Globant in a research note on Thursday, June 26th. Susquehanna cut their price target on Globant from $225.00 to $160.00 and set a "positive" rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen upgraded Globant from a "sell" rating to a "hold" rating in a research note on Monday, May 19th. Finally, The Goldman Sachs Group cut Globant from a "buy" rating to a "neutral" rating and cut their price target for the company from $225.00 to $120.00 in a research note on Friday, May 16th. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $153.56.

Globant Price Performance

Shares of Globant stock traded down $11.58 during trading on Friday, hitting $66.54. 7,477,307 shares of the company were exchanged, compared to its average volume of 1,669,236. The company has a quick ratio of 1.56, a current ratio of 1.56 and a debt-to-equity ratio of 0.13. Globant S.A. has a fifty-two week low of $64.51 and a fifty-two week high of $238.32. The stock has a market capitalization of $2.93 billion, a price-to-earnings ratio of 27.05, a P/E/G ratio of 3.21 and a beta of 1.16. The firm has a 50 day moving average price of $87.59 and a 200 day moving average price of $120.01.

Globant (NYSE:GLOB - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The information technology services provider reported $1.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.52 by $0.01. Globant had a return on equity of 10.97% and a net margin of 4.44%. The firm had revenue of $614.18 million during the quarter, compared to the consensus estimate of $612.66 million. During the same period in the previous year, the firm posted $1.51 EPS. The company's quarterly revenue was up 4.5% compared to the same quarter last year. On average, equities analysts expect that Globant S.A. will post 5.73 earnings per share 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.