LPL Financial LLC Raises Stake in Globant S.A. (NYSE:GLOB)

Key Points

• LPL Financial LLC increased its holdings in Globant S.A. by 32.1% in the first quarter, owning 41,376 shares valued at approximately $4.76 million.
• Several large investors also boosted their positions in Globant, with Van Berkom & Associates Inc. increasing their holdings by 3,197.1%, now owning 6,858 shares.
• Globant’s latest earnings report showed a missed EPS estimate of $1.50, falling short of expectations by $0.08, while revenue increased by 7.0% year-over-year.

LPL Financial LLC grew its holdings in Globant S.A. (NYSE:GLOB - Free Report) by 32.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,376 shares of the information technology services provider's stock after acquiring an additional 10,054 shares during the period. LPL Financial LLC owned about 0.09% of Globant worth $4,755,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of Globant by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 115,147 shares of the information technology services provider's stock valued at $24,690,000 after purchasing an additional 2,744 shares during the last quarter. Invesco Ltd. raised its position in Globant by 90.5% during the 4th quarter. Invesco Ltd. now owns 109,356 shares of the information technology services provider's stock valued at $23,448,000 after purchasing an additional 51,945 shares in the last quarter. Raymond James Financial Inc. bought a new position in Globant during the 4th quarter worth about $16,737,000. Treasurer of the State of North Carolina increased its holdings in Globant by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 18,490 shares of the information technology services provider's stock valued at $3,965,000 after buying an additional 110 shares during the period. Finally, Townsquare Capital LLC raised its position in shares of Globant by 34.1% in the 4th quarter. Townsquare Capital LLC now owns 7,884 shares of the information technology services provider's stock worth $1,690,000 after acquiring an additional 2,006 shares in the last quarter. 91.60% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on GLOB. Canaccord Genuity Group reiterated a "hold" rating and set a $97.00 price objective (down previously from $165.00) on shares of Globant in a research note on Thursday, June 26th. Needham & Company LLC cut their price target on shares of Globant from $115.00 to $85.00 and set a "buy" rating on the stock in a report on Friday. Piper Sandler cut Globant from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $154.00 to $116.00 in a report on Friday, May 16th. JPMorgan Chase & Co. lowered shares of Globant from an "overweight" rating to a "neutral" rating and set a $78.00 price target on the stock. in a research report on Friday. Finally, Guggenheim reaffirmed a "buy" rating and set a $125.00 target price on shares of Globant in a research note on Tuesday, June 10th. Eight equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Globant has a consensus rating of "Moderate Buy" and a consensus price target of $153.56.

Globant Trading Down 14.8%

NYSE GLOB traded down $11.58 during trading on Friday, hitting $66.54. The stock had a trading volume of 7,477,307 shares, 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. The company has a market capitalization of $2.93 billion, a PE ratio of 27.05, a PEG 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 S.A. has a twelve month low of $64.51 and a twelve month high of $238.32.

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