Trust Point Inc. Sells 3,091 Shares of Globant S.A. (NYSE:GLOB)

Trust Point Inc. trimmed its holdings in shares of Globant S.A. (NYSE:GLOB - Free Report) by 32.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,402 shares of the information technology services provider's stock after selling 3,091 shares during the quarter. Trust Point Inc.'s holdings in Globant were worth $754,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. grew its position in 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 in the last quarter. Capital International Investors lifted its stake in 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 purchasing an additional 197,064 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Globant by 6.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,606,110 shares of the information technology services provider's stock valued at $344,382,000 after acquiring an additional 96,257 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Globant by 3.5% in the 4th quarter. Sei Investments Co. now owns 602,802 shares of the information technology services provider's stock valued at $129,252,000 after acquiring an additional 20,365 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Globant by 5.1% in the 4th quarter. Ameriprise Financial Inc. now owns 560,747 shares of the information technology services provider's stock valued at $120,235,000 after acquiring an additional 27,140 shares during the last quarter. 91.60% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GLOB has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lowered their price target on Globant from $248.00 to $242.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Wall Street Zen raised Globant from a "sell" rating to a "hold" rating in a report on Monday, May 19th. Mizuho set a $153.00 price target on Globant and gave the company an "outperform" rating in a report on Monday, May 19th. Guggenheim reaffirmed a "buy" rating and issued a $125.00 target price on shares of Globant in a report on Tuesday, June 10th. Finally, Piper Sandler cut 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 report on Friday, May 16th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, Globant has a consensus rating of "Moderate Buy" and a consensus target price of $179.19.

Globant Price Performance

Shares of Globant stock traded down $4.56 during trading on Thursday, reaching $88.07. 2,046,178 shares of the stock traded hands, compared to its average volume of 718,263. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of 26.05, a P/E/G ratio of 1.70 and a beta of 1.24. The business has a fifty day simple moving average of $108.55 and a two-hundred day simple moving average of $156.96. 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 S.A. has a 52-week low of $88.00 and a 52-week high of $238.32.

Globant (NYSE:GLOB - Get Free Report) last released its quarterly earnings results on Thursday, May 15th. The information technology services provider reported $1.50 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.08). The company had revenue of $611.09 million during the quarter, compared to analysts' expectations of $622.18 million. Globant had a return on equity of 11.08% and a net margin of 6.16%. The company's revenue was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.53 EPS. Sell-side analysts expect that Globant S.A. will post 5.73 EPS for the current year.

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.