Hsbc Holdings PLC Sells 33,557 Shares of Globant S.A. $GLOB

Key Points

• Hsbc Holdings PLC reduced its Globant stake by 24.9% in the second quarter, selling 33,557 shares and retaining 101,348 shares valued at approximately $2.9 million. Institutional investors collectively own 91.6% of Globant.
• Analyst sentiment is generally cautious, with Globant receiving an average “Hold” rating and a consensus price target of $46.38; five analysts rate it Buy, 11 Hold, and two Sell.
• Globant reported quarterly EPS of $1.40, below the $1.50 consensus estimate, while revenue of $614.42 million slightly exceeded expectations. The company also authorized a $50 million share repurchase program, covering up to 2.9% of outstanding shares.

Hsbc Holdings PLC trimmed its position in Globant S.A. (NYSE:GLOB - Free Report) by 24.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 101,348 shares of the information technology services provider's stock after selling 33,557 shares during the quarter. Hsbc Holdings PLC owned 0.23% of Globant worth $2,917,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of GLOB. Allworth Financial LP grew its holdings in shares of Globant by 473.3% during the 4th quarter. Allworth Financial LP now owns 493 shares of the information technology services provider's stock worth $32,000 after purchasing an additional 407 shares in the last quarter. Larson Financial Group LLC raised its stake in Globant by 561.2% in the fourth quarter. Larson Financial Group LLC now owns 681 shares of the information technology services provider's stock valued at $45,000 after purchasing an additional 578 shares in the last quarter. MidFirst Bank acquired a new position in Globant in the fourth quarter valued at about $47,000. State of Wyoming lifted its position in Globant by 78.9% during the second quarter. State of Wyoming now owns 882 shares of the information technology services provider's stock worth $80,000 after purchasing an additional 389 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in Globant by 77.4% during the fourth quarter. Advisors Asset Management Inc. now owns 912 shares of the information technology services provider's stock worth $60,000 after purchasing an additional 398 shares during the period. Institutional investors and hedge funds own 91.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GLOB. Canaccord Genuity Group set a $35.00 price target on shares of Globant in a research report on Friday, August 14th. Truist Financial cut their target price on Globant from $44.00 to $38.00 and set a "hold" rating for the company in a research note on Friday, August 14th. William Blair downgraded Globant from an "outperform" rating to a "market perform" rating in a report on Tuesday, June 30th. Itau BBA Securities lowered Globant from an "outperform" rating to a "market perform" rating and set a $39.00 price target on the stock. in a research note on Wednesday, July 8th. Finally, Weiss Ratings downgraded Globant from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, August 14th. Five research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $46.38.

Globant Stock Performance

Globant stock opened at $36.73 on Friday. The business has a 50 day moving average of $36.08 and a 200-day moving average of $39.70. The company has a market capitalization of $1.61 billion, a P/E ratio of 14.40, a P/E/G ratio of 2.33 and a beta of 0.98. Globant S.A. has a 1 year low of $27.56 and a 1 year high of $72.10. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.84.

Globant (NYSE:GLOB - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The information technology services provider reported $1.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.50 by ($0.10). Globant had a net margin of 4.63% and a return on equity of 9.28%. The business had revenue of $614.42 million during the quarter, compared to analyst estimates of $612.86 million. During the same quarter last year, the company posted $1.53 earnings per share. The company's revenue was up .0% compared to the same quarter last year. Globant has set its FY 2026 guidance at 5.750-6.150 EPS and its Q3 2026 guidance at 1.430-1.430 EPS. On average, equities research analysts predict that Globant S.A. will post 4.61 earnings per share for the current year.

Globant declared that its Board of Directors has authorized a share repurchase program on Monday, May 18th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the information technology services provider to buy up to 2.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity at Globant

In other Globant news, CTO Diego Tartara sold 6,000 shares of the stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $40.45, for a total transaction of $242,700.00. Following the completion of the sale, the chief technology officer owned 72,320 shares of the company's stock, valued at approximately $2,925,344. This represents a 7.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CRO Fernando Matzkin sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $40.00, for a total transaction of $100,000.00. Following the transaction, the executive owned 71,608 shares of the company's stock, valued at approximately $2,864,320. The trade was a 3.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 14,500 shares of company stock worth $585,400 over the last ninety days. Insiders own 2.67% of the company's stock.

Globant Company Profile

Globant is a digitally native technology services company founded in 2003 in Buenos Aires, Argentina. Specializing in software development and digital transformation, Globant partners with enterprises to conceive, design and engineer software products and platforms. The company leverages agile methodologies and proprietary delivery frameworks to accelerate projects in areas such as cloud migration, user experience design, data analytics, artificial intelligence and blockchain-enabled solutions.

Globant's service offerings span strategy consulting, custom software engineering, digital experience design and managed services.

Want to see what other hedge funds are holding GLOB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Globant S.A. (NYSE:GLOB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.